This article is from the Australian Property Journal archive
SHAYHER Group, backed by Taiwanese conglomerate Par Jar Group, has unveiled a new 5-star hotel development in Brisbane's CBD.
Shayher bought the former Brisbane Supreme and District Courts sites in George St from the government for $63 million.
The group is required to deliver a residential and serviced apartment tower with a gross floor area of approximately 65,000 sqm. In addition, there will also be a commercial office tower of about 45,000 sqm.
It will be the largest single development to date in Brisbane’s CBD.
Queensland housing and public works minister Tim Mander said the legal precinct in George St has undergone a huge transformation in recent years.
The soon-to-be redeveloped Supreme and District Courts Building in George St 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.
“The redevelopment of the old site on the corner of Adelaide and George Sts will further rejuvenate the area and provide much needed 5-star accommodation for visitors to Brisbane.
“It is very rare that a site of this size that backs on to the Brisbane River becomes available for development,” he added.
“Shayher Group will commence early site works as soon as possible, creating approximately 5,700 direct and indirect jobs over the life of the project. When considered with the construction of 1 William St, the redevelopment will add further stimulus to the construction industry,” he continued.
Minister for tourism, major events, small business and the Commonwealth Games Jann Stuckey said the announcement reaffirms the government’s announcement earlier this year to promote more hotel developments in Brisbane.
“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,” she added.
Stuckey said new hotels in Brisbane will help the government achieve its target of $30 billion in overnight visitor expenditure by 2020.
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