Queens Wharf casino project consortium buys Kevin Seymour’s Festival Car Park in the Brisbane CBD for $45 million

THE Australian-Chinese consortium behind Brisbane’s $2 billion Queen’s Wharf casino project has paid about $45 million for the Seymour Group’s Festival Car Park in the heart of the CBD.

Car Park sale revs up casino precinct

THE Australian-Chinese consortium behind Brisbane’s $2 billion Queen’s Wharf casino project has paid about $45 million for the Seymour Group’s Festival Car Park in the heart of the CBD.

The nine-storey building at 45 Charlotte St was part of the group’s three-asset portfolio put on the market last year.

Knight Frank managing director, Queensland Ben McGrath, who marketed the portfolio with colleague Justin Bond and JLL’s Geoff McIntyre and Seb Turnbull, said the car park was a “unique opportunity” in the heart of Brisbane’s CBD.

“With the car park currently leased short term to Secure Parking Australia, it provided investors with the opportunity to acquire the facility either as a leased investment or for owner operation,” he said.

“The large 1835sq m site also provides future development potential, and with the recent announcement of the Queens Wharf development and major infrastructure earmarked for George St, this will only enhance the value of this precinct.”

Echo Entertainment and its partners, Hong-Kong based business partners Chow Tai Fook and Far East Consortium, will start work on the casino precinct in late 2016.

JLL managing director Queensland Mr McIntyre said Festival Car Park generated much interest from domestic and foreign investors.

“We were pleased with the number of high net worth individuals interested in purchasing the property,” he said.

“The proposed Queens Wharf project holds appeal for many foreign investors for existing assets in this precinct, especially Asian investors.”

As Brisbane’s only inner city stand-alone car park, the complex includes 429 secured parking bays and a small retail tenancy leased to Hertz Car Rental.

The purchase included the majority ownership of the asset which included 412 car bays and the retail tenancy improvements.

Of the other two assets in the Seymour portfolio, Singapore’s ARA Asset Management is closing in on the HSBC office tower at 300 Queen St for about $190 million while the McWhirters Car Park in Fortitude Valley has been withdrawn from sale.

ALMOST: ARA Management is believed to be close to buying 300 Queen St for about $190 million.

* Meanwhile, Mr McGrath and Mr Bond and JLL’s Christian Sandstrom and Luke Billiau have sold an A-grade five-level office building at 601 Coronation Drive, Toowong, for $45 million.

The eight-year-old building, that was developed by Ross McKinnon’s State Developmnet Corporation and Ray White Invest, was bought by Sydney-based syndicator Capital Property Funds.