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Shaun Bonètt’s property investment company Precision Group is planning a multimillion-dollar makeover for Brisbane’s oldest pub, the 169-year-old Victory Hotel in the CBD.
Precision Group has lodged a development application that aims to transform the hotel into four separate venues including a sports bar and beer garden, rooftop garden bar, steak house restaurant, and a basement ‘speak easy’ style bar with gaming room.
The plan proposes to transform the property from two levels to four.
The move is aimed at capitalising on the emergence of key entertainment and dining hubs across the Brisbane CBD including The Star Entertainment Group’s (ASX: SGR) Queen’s Wharf development, Artemus Group’s Howard Smith Wharves and the $2.1 billion redevelopment of Eagle Street Pier currently under way by Dexus (ASX: DXS).
“The Victory Hotel has been a popular destination for more than 150 years, and we’re excited to elevate the offerings of this iconic venue and reinvigorate this corner of Brisbane,” says Precision Group’s leasing executive Rory O’Brien.
“Our focus is on creating a world-class destination that will attract visitors from across Australia and around the world, while preserving the heritage of the site for future generations.”
Built in 1855, The Victory was originally known as Prince of Wales Hotel and currently boasts one of the only beer gardens left in Brisbane’s CBD. The pub was renamed Victory Hotel in 1921 in a belated tribute to the end of World War I.
Precision Group engaged architecture firm Bureau Proberts and interior designers S.Shyne who are working with heritage architect Ruth Woods to ensure their plans to transform the property honour the historic site.
“The Victory has lived through many eras, including the 1980s boom of the beer garden, and has been able to maintain its reputation as one of the most popular places in Brisbane because of its adaptability and prime location in the CBD,” says Bureau Proberts creative director Liam Proberts.
The new design will allow patrons to look up from the beer garden or rooftop bar and see the original structure of the hotel while taking advantage of the Brisbane climate in these outdoor areas.
“The basement bar is an exciting feature that gives life to elements of the building that people don’t usually get to see, and will remember and honour the historic site,” says Bureau Proberts’ lead designer Dan Liddy.
Athena Hospitality Group, a turnkey hotel management company that works with some of the world’s biggest hotel brands, has signed a long-term lease on the Victory Hotel.
“Whilst respecting the heritage and history of the Victory Hotel, we are creating an amazing venue that tells a story over numerous levels,” says Athena Hospitality Group founder Michael Dixon.
“We are sure, like ourselves, that the public will be thrilled with designs we have spent countless months crafting.”
The Victory is no stranger to transformation with heritage architect Ruth Woods revealing that the pub was built in at least three stages between 1855 and the late 19th century, although it was “substantially altered over the second half of the 20th century”.
“The project brings the features of the historic building back into focus while updating the facilities to service the more sophisticated requirements of patrons in the 21st century,” she says.
“The new works reflect a modern interpretation of the original form and materiality of the 19th century hotel.”
The proposed redevelopment of The Victory comes on the heels of Precision Group spending more than $45 million on refurbishing its nearby 144 Edward office building – one of three assets it owns in Brisbane including MacArthur Central shopping centre.
Among other assets in the precision group portfolio are the Chevron Renaissance shopping centre in Surfers Paradise, Adelaide Central Plaza and Pran Central in Melbourne.
Precision Group has owned the Victory Hotel since 2005, when it bought the property for $22 million.
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