Star Cashes in Treasury Ahead of Queen’s Wharf Move

Star Entertainment will sell its blue-chip Brisbane holding ahead of moving to Queen’s Wharf after Charter Hall opted to leave the table.

Star has now appointed agents for its Treasury Casino complex at 21 Queen Street with the expected buy-in set at more than $200 million for the site’s three properties. 

The site occupies two blocks in Brisbane’s CBD. The Star will move to its new $3.6-billion Queen’s Wharf project next year. 

Leasehold assets for the Treasury Brisbane include 20,000sq m of gross floor area in the Treasury Casino building, 120 rooms in the six-storey Treasury Hotel building and 680 car parking spaces in the car park underneath Queen’s Gardens and between the two buildings. 

The Italian Renaissance style buildings were built between 1883 and 1905. 

▲ The Treasury Casino in Brisbane.

McVay Real Estate’s Sam McVay and JLL’s Paul Noonan are managing the sale, selling the three in one hand or individually. 

Star appointed McVay and Noonan to sell the Treasury site in late August this year soon after it reported a $2.4-billion annual loss.

Fund manager Charter Hall decided in June that it would not proceed with a $248-million sale-and-partial leaseback deal that was made public in 2021.

Also this year Star has been penalised for breaching legislation around money laundering and financing counterterrorism.

More recently, the NSW government brought in a new tax regime for the Star, allowing it to pay more tax than it previously had while retaining 3000 jobs for the next seven years. 

Another of its hotel, the Sheraton Grand Mirage Resort on the Gold Coast was sold earlier this year to rich-listers the Laundys and the Karedis for $192 million.

▲ Cranes over the Queen’s Wharf project in Brisbane.

Hong Kong-based companies Chow Tai Fook Enterprises and Far East Consortium are both involved with Star in the Destination Brisbane Consortium to develop the Queen’s Wharf entertainment, gaming and leisure precinct.

It will include more than 50 restaurants, bars and cafes alongside 1000 hotel rooms, up to 2000 apartments, 7.5ha of public space, gaming spaces and a 1500-person ballroom. 

Star expects to open the precinct in April, 2024. 

In August it was reported the consortium. had paused payment on builder Multiplex’s invoices due to a dispute around delays, time extensions and rising costs.