Billionaire Clive Palmer wins auction of heritage-listed Townsville building

Billionaire Clive Palmer wins auction of heritage-listed Townsville building
Billionaire Clive Palmer wins auction of heritage-listed Townsville building

Billionaire Clive Palmer has secured Townsville's Queensland Building, outbidding a number of investors at its recent auction.

The hammer came down at $780,000 with Palmer's paddle the last to be raised.

There were eight registered bidders for the three-storey heritage listed property at 104 Flinders Street, with 15 bids that started from $500,000.

Billionaire Clive Palmer wins auction of heritage-listed Townsville building
Palmer signing the contract after auction with Colliers marketing agent Shaun McLaren.

The building, in the heart of the city's entertainment precinct with views over Ross Creek, was sold by Colliers International Townsville agent Shaun McLaren.

Colliers International Townsville managing director Peter Wheeler says the sale represents a very positive sign for Townsville’s commercial property market.

"We’re not surprised it had so much interest," Wheeler said.

Billionaire Clive Palmer wins auction of heritage-listed Townsville building

The 370 sqm building sits on 230 sqm and includes an attached three car lockable garage.

It was marketed as being a potential space for retail, office or residential use, with the two-bedroom residence located on the second level.

The Queensland Building is part of Townsville’s history being constructed in 1892 as the head office for North Queensland firm of Burns, Philp Co. Ltd and its subsidiary insurance company.

Palmer recently paid $4.6 million for a Perth trophy home.

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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