A leading gambling and entertainment company has secured funding for a new precinct currently under construction in Brisbane.
$1.6 billion has been secured by Star Entertainment Group for the completion of the new entertainment and lifestyle development the Queen’s Wharf Brisbane.
The Star Entertainment Group partnered up with Hong-Kong based partners Far East Consortium and Chow Tai Fook to form the Destination Brisbane Consortium, to head up the project, which will cost $3.6 billion in total.
The Star will fund 50% of the development, with Far East Consortium and Chow Tai Fook each funding 25% respectively, and a completion date set for 2022.
The funding will cover a period of almost six years and Star is also set to pay $1 billion to the Queensland government over a 15-year period due to the development taking up a large area of prime Brisbane real estate.
The site, in central Brisbane, has been under construction since 2017 and has continued throughout the COVID-19 crisis, with contractors Multiplex overseeing the project.
The Queen’s Wharf is set to transform Brisbane’s CBD and riverfront. Covering 26 hectares across land and water, the site will include a sky deck, a new pedestrian bridge, residential apartments and a hotel amongst much more.