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Australia’s richest person has invested around $240 million in an office tower, a move that will strike fear into the hearts of those who still enjoy working from home.
Mining magnate Gina Rinehart has bought 175 Eagle Street in Brisbane’s CBD from Charter Hall, a property investment fund specializing in office buildings.
The sale of the 19-storey “A-grade” building, which offers “stunning views of the Brisbane River and Kangaroo Point”, marks a tentative return of high-end office space among high-profile employers.
Vacancies in luxury office buildings increased during the Covid pandemic, when most white-collar workers worked from home and are only now starting to fill up again.
Mining magnate Gina Rinehart (pictured) has bought 175 Eagle Street in Brisbane’s CBD from Charter Hall, a property trust specializing in “A grade” office buildings.
175 Eagle Street features two levels of river promenade with retail space, a mezzanine and “up to 1,159 square meters of column-free floors.”
The office’s creeping return is also reflected in Charter Hall shares rising more than 10 percent on Wednesday, reported The Australian.
David Harrison, CEO of Charter Hall, said the sale gave credence to his belief that the best office towers will survive the Covid crisis.
It comes after a survey of Australian bosses found the majority believe the days of working from home are numbered.
A global survey of more than 1,300 CEOs by consultancy KPMG found two-thirds of Australian bosses believed traditional white-collar roles would see a return to the office full-time within three years.
Only a minority thought jobs would remain a hybrid split between home and office, as is currently the case for many urban workers.
And those who value the flexibility of an occasional ‘WFH’ day may want to think twice: 75% of Australian CEOs said they would reward employees who went the extra mile to come into the office – in terms of raises, promotions and promotions. more interesting work.
Another survey found that nearly 40 percent of senior executives planned to differentiate compensation between remote and in-office staff over the next three to five years.
In a global survey conducted by law firm Herbert Smith Freehills, 13% of respondents went further to say that remote workers would not only see their pay reduced, but also their benefits.
It is the second major office acquisition by Ms Rinehart (pictured), after purchasing a 14-storey office tower in Brisbane for more than $100 million in February.
Ms Rinehart’s latest acquisition includes two levels of river promenade with retail space, a mezzanine and “up to 1,159 square meters of column-free floors”.
For her millions, the resources mogul and her team will benefit from “contemporary furniture offering a sense of prestige and progressiveness”.
“There is also an abundance of natural light throughout the building which creates a warm and welcoming environment that connects people to the lush outdoor spaces,” claims an advertisement for the office building.
In February, Ms Rinehart bought a 14-storey office tower in Brisbane for more than $100 million.
Although headquartered in Perth, his company Hancock Prospecting has a large presence in Queensland through its investments in energy and agriculture.
The Brisbane building is the latest addition to its property portfolio which includes $75 million of commercial real estate along the Sunshine Coast with apartments in Noosa and Brisbane.
Brisbane is currently experiencing a $45 billion infrastructure boom in the run-up to the 2032 Olympics.
Soaring commodity prices have seen Ms Rinehart sail into 2023, firmly entrenched as Australia’s richest person, according to the latest report. Australian Financial Review rich list.
His private company has made nearly $20 billion in profits over the past four years alone.
His personal wealth stands at $37.4 billion.
Why Gina Rinehart’s latest $240million purchase shows the WFH dream may finally be over