Clive Palmer sells Brisbane headquarters to Charter Hall, Investa consortium

Clive Palmer sells Brisbane headquarters to Charter Hall, Investa consortium
Clive Palmer sells Brisbane headquarters to Charter Hall, Investa consortium

Mining entrepreneur Clive Palmer, embroiled in legal problems, has sold off his corporate headquarters to a consortium that includes property fund managers Charter Hall Group and Investa Property Group.

The property deal, which included a group of three CBD buildings, was struck for $53.75 million, The Australian Financial Review. 

The collapse of Queensland Nickel created legal problems for Palmer and this deal may come as a relief to him.

Late last year, Palmer also reportedly sold his Gold Coast waterfront mansion to a confidant for $1.75 million.

Charter Hall had struck a deal with Carlton Football Club president Mark LoGiudice and global private equity giant Blackstone for their properties on Queen Street in the Brisbane CBD, but the deal would only go through if Palmer's adjoining Mineralogy House was included, the AFR said.

The combined properties at 366, 370 and 380 Queen Street would create a total site area of 2,147 sqm. The existing buildings have a net lettable area of 9400 sq m.

Unlisted Investa Commercial Property Fund and Charter Hall's Prime Office Fund have entered into a 50:50 joint venture for a $500 million development in the midst of Brisbane CBD's Golden Triangle between Queen, Edward and Eagle Streets.

"The ability to secure three sites from three different vendors simultaneously, to create one amalgamated site, illustrates the group's origination capability," Charter Hall's group executive for office, Adrian Taylor, said.

"With a limited number of suitable development sites and a forecast improving office market in Brisbane's CBD financial district, amalgamating these sites for future development will provide superior returns to alternative stabilised asset acquisitions in the market."

The joint venture's Blight Rayner-designed proposal comprises a commercial office tower with 45,000 sqm of space.

The proposed tower will have office accommodation over 40 levels, retail and other services as well.

Palmer’s  appointed Knight Frank and then CBRE to sell his 11-­storey building. His company, Mineralogy, bought the office tower in 2009 for $19 million. Mineralogy then sold it to Palmer for $15.45 million in 2013.

The adjoining buildings of Blackstone and LoGiudice saw CBRE and JLL appointed as selling agents last year.

LoGiudice's office building was bought from the failed coal mining entrepreneur Nathan Tinkler in 2013 for $4.9 million.

Tags: 
Office Sales Clive Palmer

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