Larry Schlesinger | 3 December 2012

Nathan Tinkler puts Brisbane CBD office on the market: report

Liquidity-strapped mining magnate Nathan Tinkler is reportedly looking to dispose of a commercial property asset in Brisbane.

Boardwalk Investments, of which Tinkler is a director, intends listing a three storey office building at 366 Queen Street for sale, according to an report in the Australian Financial Review.

The report does not say which commercial agency has the listing.

It was purchased in February last year for $7.7 million having previously traded for $2.2 million in 2000 when Elizabeth and Gregory Nunn bought it from Macarthur Capital.

The property sits on a 379 square metre block and has 1,200 square metres of office space at the quieter end of Queen Street.

Local commercial agents do not expect the property to sell for more than $5 million.

In October, Tinkler reportedly let a $37?million low-rise Brisbane office acquisition lapse with the the 5,500-square-metre building overlooking the Brisbane River put back on the market through Jones Lang LaSalle agents Seb Turnbull and Geoff McIntyre.

The billionaire's finances – especially the Tinker-aligned developer Buildev Group – have been under scrutiny since his attempted $5.25 billion bid for Whitehaven Coal collapsed due to a lack of funding.

Tinkler reached a settlement with Mirvac’s Domaine Steel after it successfully sued Ocean Street Holdings and Tinkler’s Buildev Group, after an earlier agreement to buy industrial land for a new coal terminal in Newcastle.

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