Casino operator Star Entertainment has decided to sell the Treasury complex in Brisbane. For the casino, hotel and parking lot, occupying two city blocks, expect to receive 200 million Australian dollars (12.56 billion rubles).
The decision to part with one of the assets completely was prompted by the termination of an agreement with investment and fund management firm Charter Hall. The deal, announced in October 2021, called for the sale of Treasury Brisbane for A$248 million (about R15.6 billion) with a leaseback clause.
Treasury Brisbane is a complex built in the refined Italian Renaissance style between 1883 and 1905. It is listed as an architectural heritage site. The casino has an area of 20,000 square meters. The complex also includes The Treasury Hotel with 120 rooms and a parking lot with 680 parking spaces.
Sam McVay of McVay Real Estate and Paul Noonan of JLL have been instructed to sell the three buildings either together or separatelyи. The combination of Treasury Brisbane’s historical significance, its aesthetics and its location next to Queen’s Wharf make it a truly exceptional opportunity, notes McVeigh.
The potential sale of Treasury is supported by the strong performance of Brisbane’s hotel market. From January to August 2023, average hotel occupancy was 73%. Investors are also looking for a foothold in the city, which will host the 2032 Olympic Games.
On September 25, Star said it would retain its world-class strategic assets. They are talking about The Star Sydney and The Star Gold Coast casinos, as well as a stake in the new $3.6 billion (over 226 billion rubles) Queen’s Wharf complex in Brisbane. The latter is still under construction, scheduled to open in April 2024. The casino complex will include 1,000 premium hotel rooms, over 50 restaurants and bars, gaming venues and other amenities.
As a reminder: the Mexican gambling company Logrand wants to acquire a new casino complex.a chain of Chilean casinos.