More than two years after it was placed in receivership, Brisbane's Clem7 tunnel has been sold to Queensland Motorways for $618 million – a fraction of the $3 billion it cost to build.

The tollroad's receiver, KordaMentha, has selected Queensland Motorways ahead of three other consortiums including one led by UBS Infrastructure Fund.

New owner: Clem7 tunnel went into receivership two years ago. Credit:Glenn Hunt

Queensland Motorways, which is owned by the Queensland Investment Corporation, controls most of Brisbane's tollroads, including the Gateway and Logan motorways and the Legacy Way tunnel, currently under construction in the city's west.

The state-owned business had been seen as the most logical buyer of the Clem7 given the tunnel would fit well within the rest of its network.