Star Entertainment sells Treasury Brisbane building to Griffith University
Operator lets go of its Treasury Brisbane Casino asset in the midst of severe financial struggles.
The historic Treasury Building in the heart of the Brisbane CBD has officially changed hands, with The Star Entertainment Group reaching a new deal with Griffith University for the sale of its leasehold interest.
Reports indicate that the sale of this former casino asset will generate a net profit of around AU$60.7m ($40.9m), with the overall valuation falling at AU$67.5m. This figure, however, is a far cry from the AU$300m in short-term funding sought by the group from the Queensland Government earlier this week for the support of its AU$3.6bn Queen’s Warf precinct in Brisbane.
The Star has also sought financial aid from the Government of New South Wales, who refused any further assistance. In addition to the current financial strain, the group was also suspended from trading on the Australian Securities Exchange (ASX) earlier this week, due to its failure to submit monetary results by the pre-determined deadline.
At first glance, the possibility that Star Entertainment is now exploring the option of offloading assets – such as the Treasury Building – in order to pull itself out of a hole of debt, seems feasible. However, the building’s closure to the public in late August was announced by the group as part of final preparations for the Queens Wharf Brisbane precinct’s opening. Therefore, this could suggest that the sale of the Treasury Building to Griffith University has been in the works for some time.
Regardless, moving forward the site will now be established as the University’s first CBD campus – and is set to serve as a hub for the fields of Business, Information Technology and Law. The campus is set to open in 2027.
The Star Brisbane CEO Daniel Finch, said: “It has been a privilege for our company and team members to be the caretaker of the much-loved heritage building for almost thirty years.”
“We are delighted to hand the baton to Griffith University, knowing the Treasury Building is in the safe hands of another proud Queenslander which respects its history as much as we have.”
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