Rinehart Taps into Golden Triangle Revival

As the Chinese proverb goes, real gold is not afraid of the melting pot—and, clearly, its meaning is not lost on Australia’s richest person, Gina Rinehart.

With economic storm clouds looming and post-pandemic uncertainty prevailing across the nation’s office markets, the mining magnate has tapped into the multibillion-dollar revival of Brisbane’s Golden Triangle precinct.

Rinehart’s Perth-based Hancock Prospecting has secured 70 Eagle Street from US-based property investor Pembroke in a $100-million deal.

The acquisition comes as the first stage of construction begins on Dexus’s nearby $2.5-billion Waterfront Brisbane development—replacing the Eagle Street Pier complex with two new office towers, a retail precinct, river walk and public open space.

It also follows a major investment play by Brisbane-based fund manager Marquette Properties, which secured the precinct’s shiny office icons—the Blue Tower and the Gold Tower—last year in deals worth a combined $705 million.

The latest data from the Property Council indicates a flight to quality is on in earnest for Australia’s office sector and demand for CBD office space remains positive, edging up marginally by an average of 0.1 per cent  across the country during the past six months.

Leading the way is Brisbane where tenant demand is outstripping supply, pushing the vacancy rate down from 13.9 per cent to 12.9 per cent.

Meanwhile, overall CBD vacancy has increased from 12 to 12.5 per cent nationally. 

The 14-storey tower at 70 Eagle Street is in the thick of the Brisbane CBD’s financial district—flanked by Edward, Queen and Eagle streets. It comprises 11,476sq m of office space over 13 levels with ground-floor retail and a private three-level basement car park.

Hancock Prospecting is planning to refurbish the building and reposition it to “ensure it is a highly attractive location for businesses and visitors”.

“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,” a statement from the company said.