THE former Brisbane Supreme and District Courts have been sold for $63 million to be developed into five-star accommodation.
The Queensland Government announced the finalisation of the sale to the Shayher Group today, which will redevelop the site into a mixed-use precinct including a five-star hotel, plus a commercial tower of about 45,000 square metres.
The state has targeted $30 billion in overnight visitor expenditure in Brisbane by 2020 and specified a residential and services apartment tower of at least 65,000 square metres as a requirement of the sale.
A shortage of Brisbane hotel rooms costs the local economy $136 million and 87,000 visitors every year, according to the state government’s A Guide to Hotel Investment in Brisbane.
“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,” says Minister for Tourism Jann Stuckey.
Housing and Public Works Minister Tim Mander says the redevelopment will rejuvenate the area and create 5,700 direct and indirect jobs.
“It is very rare that a site of this size that backs on to the Brisbane River becomes available for development,” he says.
“The redevelopment of the old site on the corner of Adelaide and George Streets will further rejuvenate the area and provide much needed 5-star accommodation for visitors to Brisbane.
“When considered with the construction of 1 William Street, the redevelopment will add further stimulus to the construction industry.”
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 completion of the Queen Elizabeth II Courts of Law complex means the site is no longer needed for its former use.
Brisbane Lord Mayor Graham Quirk welcomed the sale, the latest in a number of hotel deals done in the city recently.
“Brisbane is continuing to grow into a destination of choice for international visitors and events, including the upcoming G20 Leaders Summit 2014, and I want to ensure we can continue to accommodate these events," he says.
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