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Star sells off heritage listed Treasury hotel and casino in $248m deal

Business

Star Entertainment has sold off a group of buildings including the Treasury Hotel and casino buildings in Brisbane’s central business district for $248 million.

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The deal with Charter Hall includes a leaseback of a car park building and the Treasury Hotel building for an initial 30 years with two 15-year options.

Star is currently developing the $3.6 billion Queen’s Wharf project which will house its new casino and entertainment assets in an integrated resort.

Star will also keep hold of the old State Library building but has said it would explore future uses and ownership models for this site, which is the smallest of the four Treasury assets.

The deal needs the approval of the State Government.

“Under the sale agreement, obligations to the State to deliver the repurposing of these assets as part of the Queen’s Wharf Brisbane precinct remain,” The Star said.

The company said the deal was consistent with its strategy to release capital from non-core and low yielding assets.

Star is due to move its casino operations into the new Queens Wharf development in 2023, having successfully converted its current 50 year casino licence for the Treasury building into a 99-year licence for the new integrated resort.

The Treasury Building was erected in three stages between 1886 and 1928 and was the original headquarters for the Queensland premier and cabinet.

The Star group had plans to repurpose the building into a combined hotel and high-end retail complex once it moved its casino operations up the road to Queens Wharf.

The former State Library building was to house an Aboriginal and European heritage centre.

The Star is also being investigated by Queensland Government authorities, including the police,  into allegations of money laundering and criminal activity at Queensland’s Star casinos in Brisbane and the Gold Coast.
Charter Hall has yet to reveal its plans for the buildings.

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