NRL buys QRL headquarters from Centuria
Following an off-market deal, the Australian Rugby League Commission has added another inner-city Brisbane investment to its fast-growing portfolio.
The Milton office, 83 Castlemaine Street, was acquired from Centuria which held it with nine other properties in the Centuria Industrial Income Trust No 4.
Opposite Suncorp Stadium, the two storey building has been the headquarters of the Queensland Rugby League a decade.
For nearly 15 years prior to 2004 it was owner-occupied by the Drug Awareness and Relief Foundation.
QRL to stay as tenant
The Milton office is speculated to be worth c$15.5 million.
Centuria last valued it in mid-2023 at $10.25m.
It paid $8.9m.
The QRL will continue as tenant.
The ARLC is planning to hold a real estate portfolio between $500m-$1 billion by the end of the NRL’s $5.3b broadcast deal in 2034.
Net assets at the end of last year – worth $387.3m – were 20pc up on 2024 (continues below).
ARLC builds portfolio
The Milton property is the ARLC’s seventh in four years.
It is also the fourth in Queensland, with the Beetson Hotel, Mantra Terrace Brisbane and Mercure Sunshine Coast Kawana Waters.
Last month, realestatesource.com.au reported the group was buying its priciest property – a 400-room hotel at Wolli Creek, for $115m.
Charter Hall is that seller.
The ARLC’s buying program began with Brisbane’s former Gambaro Hotel in 2022, followed up by Quest Woolooware Bay – the latter which was under construction.
It also owns Ibis Styles Port Macquarie, bought from Challenger in 2024.
Milton is about 1.5 kilometres west of Brisbane’s CBD.
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