risbane’s former Supreme and District Courts site has been sold to the Taiwanese developer Shayher Group in what is set to be the largest single CBD development deal to date on George Street.
The $63 million sale, finalized Monday night by the government, is to become a mixed-use precinct that will include a five-star hotel.
The design of the 7,892sqm block is yet to be finalised and its ultimate height is still unknown, however, as a minimum requirement of the sale, Shayher Group will also be required to build a 65,000sqm residential, serviced apartment tower, as well as a 45,000sqm commercial office tower.
Public Works Minister, Tim Mander, said the site is touted for its CBD location, river views and large size.
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"The site backs on to the Brisbane River and is close to the government precinct and council building – it is very rare that a site of this size becomes available for development. It is also close to South Bank and the Cultural Precinct including the Performing Arts Centre and Art Galleries."
Mr. Mander announced construction would commence as soon as possible, in hopes that it would give the industry a much-needed boost in both job creation and investment stimuli.
"When considered with the construction of 1 William Street, the redevelopment will add further stimulus to the construction industry in the South East corner."
Tourism Minister, Jann Stuckey, believes the hotel will address Brisbane’s hotel room shortage which is estimated to cost the local economy $136 million and 87,000 visitors a year.
Minister for Tourism, Major Events, Small Business and the Commonwealth Games Jann Stuckey said the significant CBD project again demonstrates how serious the State Government is about attracting investment to Brisbane.
“Earlier this year, the Newman Government and Brisbane Marketing released A Guide to Hotel Investment in Brisbane, and this project represents exactly the type of large-scale development we need,” Ms Stuckey said.
“According to the guide, a shortage of Brisbane hotel rooms costs the local economy $136 million and 87,000 visitors every year.
“These are potential visitors who would otherwise be able to experience the diverse attractions of Brisbane and South East Queensland.
“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.”
The state government has set a target of $30 billion in overnight visitor expenditure by 2020. Ms. Stuckey said developments such as this would help the government achieve its goal.
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 original building was designed by the Colonial Architect, FDG Stanley and was built by the Petrie Construction Company in the 1870s.
Shayher Group, which partnered on the Northshore development in Brisbane, is understood to have beaten Charter Hall Group and Mirvac Group with its tender.