Nathan Tinkler must buy Mirvac Steel River land this week
Nathan Tinkler must complete a multimillion-dollar property purchase at Steel River this week.
The purchase became known after the development company Mirvac took the Tinkler company to court after it failed to complete its promised purchase of the land in a contractual dispute.
Tinkler had wanted the land parcel with Mayfield’s Steel River industrial park as part of a rail corridor associated with an export coal terminal the entrepeneur had been planning for the former BHP steelworks site, which the NSW rejected in January.
The NSW Supreme Court ordered that Nathan Tinkler’s companies, Buildev Group Pty Ltd (Buildev) and Ocean Street Holdings Pty Ltd as trustee for Ocean Street Holdings Trust (Ocean Street), must complete a purchase of the block in the Steel River Industrial Estate on or before 1 September 2012.
‘‘Buildev and Ocean Street consented to the orders entered by Justice Sackar, which brought about the end of Tinkler’s defence to the claim brought by Domaine Steel River Pty Limited,’’ the court said.
The sale price is reputedly$14 million plus.Tinkler, the mining magnate who's estimated to be worth $915 million, moved from Newcastle to Singapore earlier this year.
His cashflow has come under media scrutiny after he failed to raise $28.4 million earlierthis month to buy a one-third stake of coal junior Blackwood.
