COURTHOUSE TO MAKE WAY FOR LUXURY RESORT

Written on the 30 May 2013

COURTHOUSE TO MAKE WAY FOR LUXURY RESORT

THE former Brisbane Supreme and District Courts have been sold for $63 million to be developed into five-star accommodation.

The Queensland Government announced the finalisation of the sale to the Shayher Group today, which will redevelop the site into a mixed-use precinct including a five-star hotel, plus a commercial tower of about 45,000 square metres.

The state has targeted $30 billion in overnight visitor expenditure in Brisbane by 2020 and specified a residential and services apartment tower of at least 65,000 square metres as a requirement of the sale.

A shortage of Brisbane hotel rooms costs the local economy $136 million and 87,000 visitors every year, according to the state government’s A Guide to Hotel Investment in Brisbane.

“Creating new hotel-style accommodation will be an important part of reversing that trend, with this project set to add 190 new rooms in a 5-star hotel,” says Minister for Tourism Jann Stuckey.

Housing and Public Works Minister Tim Mander says the redevelopment will rejuvenate the area and create 5,700 direct and indirect jobs.

“It is very rare that a site of this size that backs on to the Brisbane River becomes available for development,” he says.

“The redevelopment of the old site on the corner of Adelaide and George Streets will further rejuvenate the area and provide much needed 5-star accommodation for visitors to Brisbane.

“When considered with the construction of 1 William Street, the redevelopment will add further stimulus to the construction industry.”

The soon-to-be redeveloped Supreme and District Courts Building in George Street was built in the 1970s, replacing the original building built in the 1800s which was destroyed by fire.

The completion of the Queen Elizabeth II Courts of Law complex means the site is no longer needed for its former use.

Brisbane Lord Mayor Graham Quirk welcomed the sale, the latest in a number of hotel deals done in the city recently.

“Brisbane is continuing to grow into a destination of choice for international visitors and events, including the upcoming G20 Leaders Summit 2014, and I want to ensure we can continue to accommodate these events," he says.

 


Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter