Precision Group, led by property developer Shaun Bonett, has secured government approval to construct a 51-storey luxury hotel tower behind the heritage-listed Victory Hotel in Brisbane’s central business district. The project marks the culmination of seven years of planning and negotiations, highlighting Precision Group’s long-term commitment to the city ahead of the 2032 Olympic and Paralympic Games.
Brisbane faces a significant hotel room shortage, with government estimates indicating a deficit of approximately 1,200 rooms in the CBD in preparation for the Games. Despite challenges in the local construction sector, including a scarcity of builders due to demand pressures linked to the Olympics, Bonett expressed confidence in the project’s timely completion. He stated that consultations with leading contractors reassured him the hotel would be ready for the event, with development costs estimated to exceed AUD 300 million.
The Victory Hotel, established in 1855, stands as Brisbane CBD’s oldest hotel and is located at the intersection of Edward and Charlotte Streets. It is part of a precinct rich in Victorian and Federation-era heritage-listed buildings. The upcoming development will include a refurbishment and restoration of the hotel, transforming it into four distinct venues: a sports bar and beer garden, rooftop garden bar, steakhouse restaurant, and a basement speakeasy-style bar featuring a gaming room. The architectural and interior design teams include Bureau Proberts and S.Shyne, who have collaborated with heritage architect Ruth Woods to ensure the new design respects the site's historic value.
With a property portfolio valued at over AUD 1.5 billion and an additional AUD 800 million in commercial and retail projects underway, Precision Group maintains a strong presence in the Queensland real estate market. Bonett noted that the council’s approval reflects his company’s confidence in Brisbane’s growth and the increasing demand for hospitality accommodation.
While Bonett did not disclose specific hotel operators, he indicated that Precision Group has received significant unsolicited interest from “well-credentialed” hotel brands, including several international premium operators. Although the company traditionally retains ownership of its assets—having never sold one in its 32-year history—the developer did not rule out the possibility of entering a joint venture arrangement with operators for this project.
The Victory Tower is anticipated to contribute substantially to Brisbane’s hospitality capacity in the lead-up to the 2032 Olympics, addressing a critical accommodation shortfall and enhancing the city’s hotel offerings within the heritage-rich CBD area.