Australian billionaire Shaun Bonett’s Precision Group wins approval for $300 million Brisbane hotel tower

Australian billionaire Shaun Bonett has won approval to build a 51-storey luxury hotel tower in the heart of Brisbane, and he says it will be ready before the 2032 Olympic and Paralympic Games.

Brisbane City Council signed off on the Victory Tower, which Bonett’s Precision Group will build behind and above the historic Victory Hotel at the corner of Edward and Charlotte streets. Development costs alone will top $300 million, Bonett told The Australian. He said approval came after a long battle and seven years of work.

Precision holds more than $1.5 billion in property assets, with another $800 million in its retail and commercial pipeline.

The 16,000-square-meter building will rise on a 924-square-meter site and hold 284 rooms. A pool on the 40th floor will look out over the city and the river. Architects Bureau Proberts and interior designers S.Shyne worked with heritage architect Ruth Woods on the design.

Timing is the pressure point. Government sources believe Brisbane will be about 1,200 hotel rooms short of what the Games need, and Queensland has a chronic shortage of builders. Bonett is unbothered. He said he has already spoken to top-tier contractors and is confident of the deadline. “The critical shortfall of hotel rooms in Brisbane is well documented,” he said.

Hotel brands are already circling. Bonett said unsolicited interest has been significant, and he is talking to international premium operators. He would not rule out a joint venture, though he plans to keep the tower as an investment. “Owning the freehold is our primary business model,” he said.

He added that Precision has never sold an asset in 32 years of operating. Bringing an operator in early, he said, lets his team shape everything from room configuration and guest amenities to dining, rooftop spaces and brand integration.

Restoration of the Victory Hotel is already under way. Built in 1855, it is the oldest of its kind in the Brisbane CBD and sits among one of the city’s densest collections of heritage-listed buildings.

The venue will be split into four: a sports bar and beer garden, a rooftop garden bar, a steakhouse, and a basement bar styled as a speakeasy, complete with a gaming room.