Gina Rinehart buys Brisbane office

The Eagle Street building contains 11,476 square metres.

Gina Rinehart, Australia’s richest person, has added a Brisbane office to her portfolio.

Sam Chong purchased 260 Queen Street in December.

The 14 level A-grade building, 70 Eagle Street, also known as Central Plaza 3 or CP3, is speculated to be costing the businesswoman’s Hancock Prospecting just over $100 million.

The seller was US wealth manager Pembroke which outlaid $123m in 2014.

Andrew Forrest acquired 190 St Georges Terrace in 2020.

The deal comes two months since Jellinbah East Coast Mine owner Sam Chong picked up another A-grade Brisbane office – 260 Queen St – for c$140m, from Goldman Sachs and Hines.

Andrew Forrest’s Fiveight, meanwhile, in 2020 outlaid $55m for a Perth CBD commercial building, 190 St Georges Terrace.

Hancock also owns commercial investments in the Western Australian capital, where it is headquartered.

Ms Rinehart has in recent years also created a Brisbane residence on amalgamated blocks in Aaron Avenue, Hawthorne.

With a net worth of $45 billion, the executive is the world’s 46th wealthiest person, according to Forbes’ World’s Billionaires List, published last month.

Refurbishment planned

Seventy Eagle Street contains 11,476 square metres of lettable area including ground floor retail (story continues below).

Pembroke owns 161 Collins Street – renowned for acre sized floorplates.

There are also 63 car parks in a three level basement.

Q-Super, the anchor tenant since Pembroke bought it, is quitting the building for Charter Hall’s $450m Brisbane Square.

Hancock is then planning to refurbish and reposition the asset, marketed as being in Brisbane’s most prestigious business precinct.

It is also speculated the landlord will part-occupy.

“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,” the buyer said.

Knight Frank’s Justin Bond, Ben Schubert and Neil Brooks were the agents.

Elsewhere in Australia, Pembroke controls 20 Martin Place in Sydney – which it bought from ANZ for $95m in 2011 – and Melbourne’s historic T&G building at 161 Collins Street, renowned in local leasing circles for its acre-sized floorplates.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of