Clive Palmer buys Townsville’s historic Queensland Building

Businessman and politician Clive Palmer has paid $780,000 for the historic Queensland Building, in Townsville’s entertainment precinct.

The three-level heritage protected property at 104 Flinders Street (pictured, top), overlooking Ross Creek, attracted 15 bids at auction last week.

Eight prospective purchasers were registered to buy, according to Colliers International Townsville managing director Peter Wheeler.

Queensland businessman and politician Clive Palmer (left) with Colliers International Townsville’s Shaun McLaren, signing the sale documents for 104 Flinders Street last Thursday.

“In the end Clive Palmer who was present in the room was the highest bidder,” the agent said. “It’s a very positive sign for Townsville’s commercial property market and we’re not surprised it had so much interest”.

The 368 square metre building – predominantly an office but with a two level residence on the second floor, and retail on the ground – includes a three car garage. It occupies a 232 sqm plot.

Marketing agent Shaun McLaren (pictured, above, signing the contract with Mr Palmer last Thursday) promoted 104 Flinders Street to owner-occupiers who might consider residing in the apartment.

Investors, like Mr Palmer, were also targeted, given the diversified income stream, location and character of the property.

Mr McClaren was appointed by Korda Mentha’s Tony Miskiewics and Robert Hudson, acting as brokers for a Mortgagee in Possession.

Constructed in 1892 as the head office for a North Queensland insurance company controlled by Burns, Philip Co. Ltd, the asset had undergone renovations prior to being listed for sale, with a new roof and replacement of the guttering and sheeting.

The site (marked) relative to central Townsville (upper, right).

Mr Palmer, said to have a personal net wealth of more than $600 million, holds significant iron ore and nickel holdings, as well as a substantial property portfolio including Queensland’s Coolum Resort, which was acquired in 2011.

The ground floor retail space at 104 Flinders Street, Townsville. The historic three level building also includes a flat and offices.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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