The sale of Brisbane's defunct Supreme and District Court buildings has opened the door for the largest single development in the city's CBD.
The Queensland Government has finalised the sale of the site to the Shayher Group, who will construct a mixed use precinct that will also include a five-star hotel. The project is expected to create 5,700 direct and indirect jobs.
As part of the agreement, the Shayher Group is required to develop a 65,000 square metre residential and serviced apartment tower, while a 45,000 square metre commercial office tower will also be erected by the group.
The new development will help the city address an accommodation shortfall that is hurting the local economy. "According to [a Queensland Government guide] a shortage of Brisbane hotel rooms costs the local economy $136 million and 87,000 visitors annually," Queensland tourism minister Jann Stuckey said.
Newly constructed hotels throughout Brisbane will help the State Government achieve its goal of $30 billion in overnight expenditure by 2020, she added.