Gina Rinehart snaps up $100million Brisbane CBD office building

Billionaire mining magnate Gina Rinehart has forked out more than $100million for a 14-storey office building to add to her extensive property empire.

The country’s richest person dropped the eye-watering amount on the complex at 70 Eagle Street in the CBD of Brisbane, Queensland.

It is the latest addition to her property portfolio that includes $75million worth of property along the Sunshine Coast with apartments in Noosa and Brisbane.

The building consists of a three-level basement car park, retail space on the ground floor and 11,000sqm of office space above.

The country’s richest person dropped the eye-watering amount on the complex at 70 Eagle Street in the CBD of Brisbane, Queensland

The $100million price tag is slightly lower than the amount paid by US funds group Pembroke when the company bought the building in 2014.

Ms Rinehart’s company Hancock Prospecting said the building would be refurbished and that it had ‘excellent connectivity’ to the transport network.

‘A building refurbishment program is planned, which will reposition the building and ensure it is a highly attractive location for businesses and visitors,’ the company said.

‘The acquisition of this property by Hancock is a continuation of its investment in Queensland, where Hancock has extensive investments in energy via Senex, its joint venture with POSCO, along with extensive agricultural operations and a growing Brisbane office.’

Ms Hancock bought the property as Brisbane undergoes a $45billion infrastructure boom ahead of the 2032 Olympic Games, The Australian reported.

Spikes in commodity prices have seen Ms Rinehart sail into 2023 firmly entrenched as Australia’s wealthiest person, according to the most recent Australian Financial Review rich list.

The previous year saw an estimated $2billion added to Ms Rinehart’s fortune to see her coffers bulging out to $35.9 billion. 

Her private company has made almost $20billion in profits during the past four years alone. 

A 531sqm site owned by Ms Rinehart located on Noosa’s Sunshine Beach is being sold for $17.2m after being bought for $11.2m last February

In early January, Ms Rinehart hoped to flip one of her properties at Noosa, on the Sunshine Coast, for $17.2million.

Her company had purchased the 531sqm Noosa site, on Queensland’s Sunshine Coast, in February, 2022 for $11.2million.

The site fronts Sunshine Beach, a favourite of holidaymakers in the Noosa region, north of Brisbane.

The Park Crescent site was listed by upscale Noosa real estate agent Paul Offermann and the listing comes with its own slickly produced video.

‘Covet one of the last remaining absolute beach sites in Sunshine Beach,’ agent Rebekah Offermann says in the video.

‘After relishing sunrise from your front trellis trot down to the Sunshine Beach shops for coffee and then while away your days on the glistening white sand out the front.’ 

The site is being marketed using plans for a four-level ‘avant-garde house’ designed by local architect Paul Clout, who specialises in ‘resort’ style homes.