An organisational breakdown led the Queensland police force to sign a $116 million lease deal on an unsuitable building it never used.
Queensland Police signed the 15-year lease to set up a new station at Stones Corner, in Brisbane's inner south, with an option to extend it for a total of $240 million.
However, the contract was signed before money was allocated for the major project and the building remained unoccupied, Queensland's corruption watchdog found.
The investigation, codenamed Sphynx, found no corruption and did not recommend charges.
However it pointed to a "combined failure" at every stage of the lease deal.
"The investigation identified no dishonesty, improper relationship or personal benefit on the part of any person,” the Crime and Corruption Commission report said.
“The significance of the matter lies in the governance and control weaknesses that allowed a commitment of this size to be made and to become binding."
Acting Commissioner Brett Pointing said the report exposed "serious and unacceptable failures by the QPS at that time" where culture was a common thread.
"This was not simply about one person or one decision. This was a systemic failure of governance, financial management, and oversight," he told a press conference on Thursday.
"This is a large waste of taxpayers' money, and also the men and women of the QPS."
Mr Pointing accepted all nine recommendations, mostly focused on strengthening governance, oversight and decision-making practices, delivered in the report.
Another two recommendations have been put forward to the Queensland government.
The Stones Corner lease was first investigated when former police chief Steve Gollschewski undertook a budget audit after inheriting the lease from former commissioner Katarina Carroll.
A report prepared by KordaMentha was sent to the watchdog at the request of Mr Gollschewski after raising concerns about the governance surrounding the deal.
The CCC's report found neither the committee that pushed forward with the deal, nor Ms Carroll "could fulfil their responsibilities without a submission that disclosed the full cost, funding source, and relevant opinions regarding the lease transaction under consideration".
