The Courier-Mail

Palmer’s river of dreams

What’s on the cards as for­mer politi­cian splurges in Fig Tree Pocket

- SO­PHIE FORSTER Clive Palmer · The Penguin Group · Queensland · Bevan Slattery · CoreLogic · Brisbane · Linc Energy · City of Brisbane · Brisbane City Council · Oakworth · CITIC Group

QUEENS­LAND’S rich­est man Clive Palmer is spend­ing mil­lions buy­ing out his neigh­bours, with one of them bank­ing $2.1m profit, oth­ers knock­ing him back and an­other agree­ing to sell for $5m in the most re­cent deal.

Neigh­bours have been left won­der­ing what the for­mer politi­cian has planned for their se­cluded Bris­bane river­front sub­urb, with his most re­cent deal see­ing him hand over $5m to se­cure a mas­sive 12,100sq m block.

QUEENS­LAND’S rich­est man Clive Palmer is spend­ing mil­lions buy­ing out his neigh­bours, with one of them bank­ing $2.1m in profit, oth­ers knock­ing him back and an­other agree­ing to sell for $5m in the most re­cent deal.

Neigh­bours at Fig Tree Pocket have been left won­der­ing what the for­mer politi­cian has planned for their se­cluded river­front sub­urb, with his most re­cent deal see­ing him hand over $5m to se­cure a mas­sive 12,100sq m block.

Fel­low Queens­land rich­lis­ter and neigh­bour Be­van Slat­tery is un­der­stood to have al­ready knocked back ap­proaches to sell his home to Palmer. Mr Slat­tery had paid $8.25m for his prop­erty in May 2014, which sits be­tween that of Mr Palmer and his son Michael on the river­front.

Mr Palmer had bought his river­front home there in 2018 off em­bat­tled Linc En­ergy founder Peter Bond for $7.5m – a $2m dis­count on what River­gum Re­treat had been listed for. Mr Bond had two prop­er­ties on the mar­ket there, with the sec­ond bought by an­other party for $2.99m in 2017, which sold for $5m in March this year to Palmer’s firm Closeridge.

Mr Palmer’s son Michael had bought the home next door to Mr Slat­tery on Nin­gana Street for $5.1m in July 2018. The site has 1.34ha of land. Mr Palmer’s son also owns a neigh­bour­ing 3430sq m prop­erty that he’d bought for $1.85m in Jan­uary 2016, ac­cord­ing to CoreLogic records.

In March this year, Mr Palmer’s builders ap­plied for special per­mis­sion to build one of Bris­bane’s largest pri­vate home jet­ties on the river by his River­gum Re­treat prop­erty.

Coastal Pon­toon & Jetty Repairs asked Bris­bane City Coun­cil for a de­vel­op­ment per­mit for “tidal works” at Mr Palmer’s Fig Tree Pocket home – with the length of the pro­posed pon­toon (28m) about three times that of the 10m length cur­rently “ac­cept­able” in Bris­bane river­front homes.

His most re­cent prop­erty pur­chase of Oak­worth House in Fig Tree Pocket was listed by Alex Jor­dan of McGrath Padding­ton as be­ing “sit­u­ated on Fig Tree Pocket’s most pres­ti­gious street” with “a sub­stan­tial 132-me­tre-wide frontage”.

Mr Jor­dan de­clined to com­ment on the buyer of the prop­erty, in­stead say­ing that the prestige mar­ket in Bris­bane was the best it had been in decades.

Mr Palmer restarted his real es­tate buy­ing spree af­ter win­ning a $200m case against CITIC over Pil­bara roy­alty pay­ments in Novem­ber 2017.

 ??  ?? Clive Palmer
Clive Palmer

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