Precision Group's proposed Victory Tower, a 206.6-metre development, received council approval on Monday. The developer will be required to pay almost $2 million in infrastructure charges as part of the approval. The 16,000-square-metre tower will be built on a 924-square-metre site that currently houses the Victory's Charlotte Street-facing beer garden.
The project will transform the site into a hotel with restaurants, function spaces, wellness facilities, a rooftop bar and a swimming pool on the 40th floor.
Precision Group founder and chief executive Shaun Bonett said the development would help address a well-documented hotel room shortage as the city prepares for the 2032 Games. "The critical shortfall of hotel rooms in Brisbane is well documented and the demand for accommodation is accelerating," he said. "Our vision is to honour that history while giving the site a new future, bringing together heritage, hotel accommodation, hospitality, wellness and rooftop experiences in a way that contributes to the city well beyond 2032."
A year ago, Brisbane 2032 president Andrew Liveris described a lack of sufficient accommodation as something that kept him up at night. Just last month, industry leaders discussed alternative solutions such as cruise ships and camping to address the expected shortfall.