Sale imminent for Clive Palmer’s near-empty tower
Final negotiations are under way in Clive Palmer’s bid to sell his flagship Brisbane office building, Mineralogy House.
The beleaguered former political party leader and mining magnate put the 11-storey Queen Street address up for sale last month, seeking more than $20 million for the almost vacant tower.
Since expressions of interest closed a month ago, it’s understood discussions have been held between Palmer and several parties which have since narrowed to one.
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The 380 Queen St address was bought by Palmer’s company, Mineralogy, in 2009 for $19 million and transferred to him personally for $15.4m in 2013.
Last month, Palmer faced a Federal Court examination of the collapse of his Queensland Nickel refinery in January. The Australian has reported Palmer had attempted to raise finance against 380 Queen St.
The building is adjacent to a tower being sold as part of US investment giant Blackstone’s $700 million portfolio.
Some companies are believed to have scoped Mineralogy House and the private equity company’s 370 Queen St as a wider development play.
This article originally appeared on www.theaustralian.com.au/property.
