COMMERCIAL PROPERTY, SALES & LEASING

Billionaire Palmer snaps up heritage freehold

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MINING magnate and former MP Clive Palmer has used some of his loose change to buy the heritage-listed Queensland Building in Townsville for $780,000 at auction.

The three-storey mixed use property at 104 Flinders Street, in the heart of the city’s entertainment precinct, has views over Ross Creek and was sold by Shaun McLaren of Colliers.

Constructed in 1892 as the head office for North Queensland firm of Burns, Philp Co. Ltd and its subsidiary insurance company, the 368 sqm building is on 232 sqm of land and includes an attached three car lockable garage.

It was marketed as space for retail, office or residential use, and with a two-bedroom residence located on the second level.

The auction attracted 50 people, and eight registered bidders.

“In the end Clive Palmer who was present in the room was the highest bidder at $780,000. It’s a very positive sign for Townsville’s commercial property market and we’re not surprised it had so much interest,” Peter Wheeler, managing director of Colliers International Townsville said.

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