ARL Commission boss Peter V’landys has continued his ‘NRL Monopoly’ spending spree after buying another Brisbane property in the code’s march towards $1 billion in assets.

This masthead can reveal the ARL Commission has delved back into the property market – purchasing the building currently leased by the Queensland Rugby League adjacent to Suncorp Stadium.

It is the ARLC’s seventh property purchase in a four-year buying blitz that is set to see the NRL’s asset base grow to north of $500 million on the eve of this year’s finals series.

Last month, the NRL ramped up talks on the game’s greatest real-estate investment yet, a 400-room hotel at Sydney’s Wolli Creek in a pending acquisition worth an estimated $115 million.

Now V’landys, a trained accountant, has stepped up the code’s property empire, securing the Milton building in the famous Lang Park precinct as the NRL expands its asset portfolio in Queensland.

The NRL’s newly-minted $5.3 billion TV rights deal has given the code the fiscal muscle to buy more properties to ensure rugby league never goes broke after the bankruptcy fears during the Covid crisis.

V’landys, who stopped into the Broncos’ headquarters on Tuesday to visit Brisbane chiefs, confirmed the NRL’s latest property venture.

“Yes, we have purchased the Queensland Rugby League building, so that’s another asset,” V’landys said.

“It’s been in the works for a couple of months, but we’ve exchanged contracts so it will all go through in the next weeks.

“It’s a good return-on-investment on the building, so why pay rent when we can have our own assets?

“The Queensland Rugby League has a lease there, so nothing will change for them.”

Property records show the Castlemaine Street commercial property was purchase for $8.9 million in May 2016.

It is not clear how much the ARL Commission paid for the building, but based on property valuation trends in Milton, the building leased by the QRL would now be worth an estimated $15.5 million.

The QRL-leased premises is now the NRL’s fourth property purchase in Queensland that first began in 2022 when the ARLC bought the famous Gambaro Hotel, since renamed the Beetson after Maroons league legend Arthur Beetson.

The NRL took ownership of the Mercure Hotel on the Sunshine Coast in February 2024, before acquiring the Mantra in Brisbane nine months later in a twin $43 million purchase.

The latest purchase ensures the Queensland Rugby League will have a permanent home in the shadows of Suncorp Stadium and the ARL Commission is on the hunt for more properties.

As revealed by this masthead, the NRL in February reported net assets of $387.3 million, up 20 per cent on the prior year and a remarkable increase of 573 per cent since 2016.

But V’landys says he isn’t satisfied yet as he looks to future-proof the sport with a $1 billion safety net.

“We’re still going and still looking for more properties,” he said.

“In Queensland, we have the Beetson Hotel, we have the Mantra, we’ve got Kawana Waters on the Sunshine Coast and now we have the QRL building, so we’ve got four assets (in the Sunshine State).

“I’m determined to get to at least $500 million worth of assets and $1 billion by the time the broadcast deal ends (in 2034).”

V’landys confirmed the ARL Commission is on the verge of competing the Wolli Creek deal.

“Yes, we are currently negotiating,” he said. “It’s a 400-room hotel … we never want to be in a position again where we are nearly bankrupt.”