Clive Palmer secures HQ for West Australian expansion

Perth’s Exchange Tower will soon be home to Clive Palmer’s company.
Perth’s Exchange Tower will soon be home to Clive Palmer’s company.

Billionaire Queensland businessman Clive Palmer has continued his aggressive real estate acquisition spree and is expanding further into Western Australia, leasing corporate headquarters in an office tower controlled by John Bond, son of the late entrepreneur Alan Bond.

Palmer’s mining company Mineralogy has signed agreements for a long-term lease over level 22 of the 44-level Exchange Tower, which is owned by property fund manager Primewest that is run by Bond Jr. The Exchange Tower is on the doorstep of Perth’s new Elizabeth Quay development.

The commercial leasing deal follows Palmer’s surprise purchase of a $4.6 million mansion in the wealthy Perth suburb of Applecross recently.

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Palmer on Tuesday said the prestigious estate, which he bought at a $3.35 million discount to its original asking price of almost $8 million, would be used by Mineralogy to house visiting company executives.

The mansion has a private walkway to the Swan River. Palmer is recruiting for a prominent West Australian business executive to lead Mineralogy’s Perth-based operations and expects to make an announcement about the hiring within the next few weeks.

Billionaire Queensland businessman Clive Palmer Picture: AAP

“Mineralogy holds one of the largest iron ore deposits in the world and has attracted more than $15 billion of investment, creating more than 2500 direct jobs and 60,000 indirect jobs for the Australian economy,” Palmer says.

“Nobody expected back in 1985 that this project would be so successful and create so much wealth for this country.”

Palmer bought a heritage-listed building in Townsville last month that he proposes as a new north Queensland headquarters for Queensland Nickel, which he is attempting reopen after its liquidation in 2016. Palmer bought the Townsville building at auction for $780,000.

Constructed in 1892 as the head office for shipping company Burns Philp, the 368sqm building over three levels is in a prominent CBD location.

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