Victoria Barracks, a historic precinct in Brisbane, is part of a wider sell-off of 67 Defence Force properties by the Australian federal government, which is anticipated to yield $1.8 billion in revenue. However, urban planner Brent O'Neill noted that the sale may be complex, particularly due to the presence of 22 heritage buildings that require ongoing maintenance. He highlighted that while there are some flexible uses for the site, options are likely limited, especially regarding residential development.

The site encompasses a significant 2.7 hectares in the heart of Brisbane, but an audit conducted by the government revealed that it needs extensive care. This includes the upkeep of heritage retaining walls and various facilities that are essential to maintaining its historical integrity. O'Neill's insights underline the delicate balance the government must strike in preserving heritage while trying to capitalize on asset sales to bolster its finances.

Given its status as a heritage asset, any potential buyer will face additional regulatory hurdles and financial considerations, further complicating what might normally be a straightforward real estate transaction. The future of Victoria Barracks could serve as a litmus test for how the government handles similar sales, especially in balancing historic preservation with fiscal needs.