Olympic precinct Station Square developer Chalk collapses in Brisbane
The developer behind Brisbane’s $1.2bn Station Square project has collapsed, with receivers moving to sell the 9000 sqm inner-city site.
The developer behind Woolloongabba’s $1.2bn multi-tower Station Square project has collapsed, with receivers now moving to put the high-profile Olympic precinct site back on the market.
According to papers lodged with ASIC, Chalk Development – which is controlled by Peter Priest whosecompany Trenert was developing Station Square – has gone into receivership.
When it was launched in 2023, Stephen Miles – then the deputy premier – said the proposed development was an important part of delivering legacy from the 2032 Olympic and Paralympic Games.
At the time the plan was for a 40-storey-plus, five-star international hotel, a 36-level residential tower, a 16-level affordable housing tower, a 22-level office, a retail plaza, food and beverage outlets, plus green space.
Wexted Advisors Partners Andrew McCabe, who has been appointed receiver with Joseph Hayes, said it was too early to reveal what creditors were owed.
“We’re still getting information ourselves. We’ve asked the director to give us all the company’s records so we can have a look and see who owes what to whom,” he says.
RELATED: Developers attempt to sell off Station Square
“We’re also in the process of looking to appoint a marketing agent to sell the property and all the development upside to it.”
Sydney-based investment manager iPartners, the first-ranking secured creditor, initiated the receivership.
Attempts to contact Priest were unsuccessful.
Colliers was appointed in April to market the 9000 sqm Stanley St site, which includes the long-closed Chalk Hotel, but failed to secure a buyer.
Manifesto
Legal pioneer and entrepreneur Hilton Misso is releasing his first book distilling 50 powerful lessons from a lifetime in business
How to Manifest Success is a part memoir and part practical business guide, from a migrant kid who built Trilby Misso into a legal powerhouse and pioneered the “no win, no fee” revolution.
Misso, who turns 80 in December, says to achieve his success he has had to overcome low self esteem and confidence, bullying, health issues and other “adversities”.
“I have embraced these adverse things and managed to achieve a level of success that has qualified me to write this book and tell the world of my learning of mindfulness, which I have gained through my lifetime study of success,” he said.
Trilby Misso was sold to Slater & Gordon in 2010 for $57m and beyond law, Mr Misso has built a $200m plus real estate and asset portfolio; grown a childcare business Sesame Lane; scaled a software venture to $44m; and launched a foundation to bring mindfulness education to one million children by 2035.
“I’ve always been about serving the people and in anything I have embarked on there are four elements – to do good, for the many, with leverage and make an impact,” Mr Misso said.
Party time
The Sunshine Coast business and property community turned out in force on Saturday night for the glittering Henzells Agency 90th Anniversary Ball at the Sunshine Coast Turf Club.
Among the guest speakers were Henzells directors Garry Waters and Roy Henzell, general manager Katherine Allan and Pelican Waters CEO Hamish Pressland who acknowledged the company’s rich history, the strength of its team and the exciting chapters that lie ahead.
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