Canny Queensland property investor Clive Berghofer has snatched up a newly-completed commercial development in Brisbane for $67.5 million, about $6 million less than the property sold for just two years ago.
The development, which was completed in August 2008, includes 11,000 square metres of office space spread across two separate buildings.
The seller, a property fund managed by property group Mirvac, bought the site from developer Devine Properties in mid 2007 for $73.5 million.
Berghofer, whose fortune is valued at over $300 million, is based in the regional town of Toowoomba and was once the mayor of that city.
The bulk of his fortune is attributed to property holdings in and around that city. Berghofer has developed more than 8000 residential lots in the city over the last 30 years and continues to subdivide his healthy land bank.
The best, and worst, downturn property deals
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