Final piece of Queen’s Wharf precinct up for sale

The Crisafulli government’s money-making arm, the Queensland Investment Corporation, has put a prime Brisbane CBD site on the market.

The 1750-square-metre corner block at 63 George Street is directly opposite the entrance to the Queen’s Wharf casino and hotel complex, and a short walk from the Albert Street Cross River Rail station under construction.

It has also been included in the Priority Development Area for Queen’s Wharf, meaning special planning provisions would allow for any new project to be fast-tracked and facilitated by the government.

The Queensland Investment Corporation has put 63 George Street (highlighted) on the market. The site is in the Priority Development Area for Queen’s Wharf.

QIC previously sold a neighbouring site, which is also in the PDA, and is now seeking to capitalise on Queen’s Wharf by offering the medium-rise David Longland Building for sale. Expressions of interest close later this month.

The building is leased to the government until April 2029, but potential bidders have been told there is “enormous future redevelopment potential … allowing for several uses including residential, hotel and commercial developments of up to 274 metres in height”.

Further development was planned on the other side of George Street as part of Queen’s Wharf, however the financial struggles of The Star Entertainment Group delayed promised retail outlets and apartments and have left part of the site fenced off.

The buildings are leased to the Queensland government until April 2029.

Star has agreed to sell its stake in Queen’s Wharf, including the casino, to its overseas-based partners in the Destination Brisbane Consortium, Far East Consortium and the controversial Chow Tai Fook Enterprises.

It is unclear whether Star would continue operating the casino – it expects to finalise the deal by the end of June – as US casino giant Bally’s Corporation has made a play for its other casinos, including on the Gold Coast.

Star had already sold the former Treasury casino lease to Griffith University, which plans to convert the heritage-listed building into a city campus, and would transfer ownership of the Treasury hotel lease and two carparks to its consortium partners under the Queen’s Wharf deal.

Several government buildings were demolished to make way for Queen’s Wharf. The ministerial offices in the former Executive Building were moved to 1 William Street.

In 2013, the then LNP government led by Campbell Newman sold 63 George Street and six other CBD buildings to QIC and used the $561.9 million proceeds to help pay down state debt. As part of the transfer, it locked in long-term public sector leases.

QIC also has the development rights to the above-ground Cross River Rail sites, including Albert Street where it plans to build a commercial tower. It is revising the masterplans for Roma Street and Woolloongabba following the Crisafulli government’s changes to the venue plan for the 2032 Brisbane Olympic and Paralympic Games.

Correction: An earlier version of this article incorrectly stated that the decision to sell the buildings to QIC occurred under the former Labor government. It was the former LNP government.

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