Sam McVay from McVay Real Estate and Paul Noonan from JLL have been appointed to sell the three buildings either in one line or individually. Treasury Brisbane, a heritage-listed complex constructed in the elaborate Italian Renaissance style between 18, spans two city blocks at 21 Queen Street. In June, Star and co-owner Far East Consortium sold the famed Sheraton Grand Mirage Resort on the Gold Coast to the Rich List Laundy and Karedis families for $192 million. The casino operator has been the subject of intense regulatory scrutiny and been hit with hundreds of millions of dollars in penalties for breaching anti-money laundering and counterterrorism financing laws. On September 25, when it revealed a discounted $750 million equity raising and $450 million of new debt facilities, Star said it would retain its “strategic world-class assets” – these being its Sydney and Gold Coast casinos and its stake in the new Queen’s Wharf casino and entertainment complex It flagged the appointment of agents to sell its Brisbane casino and hotel on August 29, when it reported a $2.4 billion annual loss including a $2.2 billion write-down of its three casinos. Star is developing the huge entertainment, gaming and leisure precinct as part of a consortium that includes Chow Tai Fook Enterprises and Far East Consortium. Rhett Hammertonīoth the casino and the hotel will be offered with the potential for vacant possession – Star will vacate the casino next year when it starts operating the new casino in the nearby $3.6 billion Queen’s Wharf development behind Queens Gardens. The casino and hotel occupy two city blocks in Brisbane.

Price expectations are understood to be more than $200 million for the three-property offering that includes the Treasury Casino building, the Treasury Hotel building and the Treasury car park.

Embattled casino operator Star Entertainment has appointed agents to sell its Treasury Casino complex in Brisbane, after fund manager Charter Hall decided in June not to proceed with a $248 million sale-and-partial leaseback deal announced two years ago.

Casino units for sale