Billionaire Adds Eagle St Tower to Brisbane Holdings

Billionaire mining magnate Gina Rinehart has added a second tower to her holdings in Brisbane’s Eagle Street.

Offloaded by Charter Hall, who held it for about a decade, the premium-grade 20-storey tower at 175 Eagle Street, reportedly sold for about $240 million.

The tower was completed in 2002 and renovated in 2012 and again in 2018. It comprises 22,258sq m of floorspace, including ground floor retail, 19 floors of office space and a multi-level basement carpark.

Floorplates are 1159sq m and typically free of columns.

▲ Gina Rinehart is the new owner of 175 Eagle Street in Brisbane.

Anchored by AON Risk Services, it has a high occupancy rate of 94.6 per cent.

The 3379sq site has views of the Brisbane River and Kangaroo Point.

It is Rinehart’s second purchase in the blue-ribbon street—nine months ago she paid north of $100 million for 70 Eagle Street, a 14-storey tower acquired from US-based Pembroke, who paid $124 million for it in 2014.

Former Spring Hill hotel acquired

Meanwhile, the Queensland government has added another former hotel to its homeless accommodation solution.

The former Park Hotel in Spring Hill has now been acquired by the government. It had been leasing the 84-room property since April 2021.

▲ The government has been leasing the former hotel since 2021.

The government said the purchase means it will now refurbish rooms and communal spaces in the hotel.

It has been reported the government paid $33.8 million for the property, which will continue to be managed by St Vincent de Paul, which will also provide support services to tenants.

The property is the latest addition to the state’s expanding portfolio of former hotels, motels and retirement villages across Queensland.

Earlier this year, a 23-room hotel was acquired while a motor inn in Hamilton was leased for youth accommodation while an apartment complex in Gladstone was transformed into public housing.

Retirement villages in Clayfield, Rothwell, Toowoomba and the Redlands have also been purchased and leased for social housing.

“While we have a strong focus on building new properties, we are also supplementing construction with strategic purchases, like this hotel in Spring Hill,” housing minister Meaghan Scanlon said.

“This helps ensure our housing portfolio continues to grow and evolve and respond to local need.”