Queens Wharf casino group buys $45m car park

The consortium developing Brisbane’s Queens Wharf casino precinct has bolstered its foothold close to the high-profile project by purchasing a nine-storey car park from Leigh Seymour, daughter of rich-lister Kevin Seymour, for $45 million.

The Destination Brisbane Consortium — consisting of Star Entertainment, Hong Kong investment group Chow Tai Fook Enterprises and developer Far East Consortium — secured the 1835sqm car park at 45 Charlotte St.

Seymour says she intends to reinvest the sale proceeds in a Brisbane commercial investment property with secure long-term leases.

The 429-car-space property with a ground-floor retail tenancy leased to Hertz car rental is expected to be rolled into the broader Queens Wharf project in the future.

The Queen’s Wharf consortium has added a nine-storey car park to its footprint.

“The large 1835sqm site also provides future development potential, and with the recent announcement of the Queens Wharf development and major infrastructure earmarked for George Street, this will only enhance the value of this precinct,” Knight Frank Queensland managing director Ben McGrath says.

McGrath negotiated the deal alongside Justin Bondi, and JLL’s Geoff McIntyre and Seb Turnbull.

The agents say the buyers were most attracted to the site’s development potential, located in the heart of Brisbane’s fastest-growing precinct.

Just 500m from Brisbane’s GPO, Festival Car Park is Brisbane’s only standalone car park. The property was sold separately after being marketed as part of a portfolio of three Seymour Group-associated assets late last year.

The consortium beat James Packer’s Crown Resorts to win the rights to develop the Queens Wharf project in July last year.