Gina Rinehart is believed to have purchased this block of land in Aaron Avenue, Hawthorne, for $4 million, along with the house next door for $14 million. Photo: ADCOCK PRESTIGE
Mining billionaire Gina Rinehart is understood to have paid $18 million for two adjoining properties on the Brisbane River. One is a $14 million luxurious mini palace at 46-48 Aaron Avenue, Hawthorne, which sits on more than 3400 square metres of land. This purchase alone smashes the $11.2 million Brisbane record house price of 2007. But Ms Rinehart is believed to have spent spent another $4 million on the block of land next door - a buffer zone to create more privacy.
The two sites have stunning river and city views. Photo: ADCOCK PRESTIGE
The consolidation of both properties means Ms Rinehart will be able to enjoy more than 4000 square metres of prime riverfront land. The house has stunning city and river views, lavish gardens, a pool and a tennis court in one of the city's best areas. Hancock Prospecting's subsidiary company, Wingfield Avenue Pty Ltd, reportedly splashed out more than $14 million for the property, which was previously owned by businessman Greg Nunn and his wife Alwyne.
Agents suspect mining magnate Gina Rinehart bought two properties in Hawthorne for more privacy. Photo: Bloomberg
Ray White Real Estate East Brisbane agent Garry Price handled the sale privately, but wouldn't confirm the price or discuss "personal matters". It's understood the entire Ray White team is under strict instructions to keep their lips sealed, with other Ray White agents across the city also declining to comment. The land next door is a 1088-square-metre site at 50 Aaron Avenue, Hawthorne, which reportedly sold for $4 million. Adcock Prestige agent Jason Adcock previously sold the parcel of land with an original house for $2.85 million in 2011. He suspected the mining magnate would most likely use the vacant block as a buffer zone for more privacy. "I can't imagine she would want it for anything else," he said. "You could build a house on it if you wanted to, or just have more privacy from the neighbours. "It takes the entire site up to over an acre on the river, that's huge. It's an incredible result for Brisbane and nothing has ever transacted anywhere near that price." The block of land was previously owned by a local developer who lives just around the corner, Mr Adcock said. "Obviously it came onto the market at the same time and she thought she may as well get it now, otherwise she might never be able to buy it." The multimillion-dollar consolidation smashes Brisbane's previous record, which was $11.2 million for a five-bedroom, three-bathroom house on a 5597-square-metre block at 39 Eldernell Terrace, Hamilton, in 2007. It seems a new neighbour in town is also good news for the Hawthorne property market. Freedom Property agent Paul Fallis has a listing in the exclusive Aaron Avenue and said the Rinehart purchase was big gossip in the Moet-sipping and BMW-driving area. "They all got told about three weeks ago (through word of mouth), it's a very tightly held community there," he said. "I mentioned it to my vendor in the street and it has attracted a bit of attention to the area, so it certainly won't do us any harm. "It has brought the area into the spotlight and an increase in inquiry was certainly noticed." It's not known whether or not Ms Rinehart will live in the house or hold it as an investment. Hancock Prospecting spokesman Jason Morrison said the house and block were under contract, but there was still a long way to go. He couldn't confirm if the purchase meant Ms Rinehart was moving to Brisbane and added her focus remained on the Roy Hill project in Western Australia, which is one of Australia's biggest iron ore mining, rail and port projects in the Pilbara. He also didn't believe the purchase was a record price. "She has always been fond of Queensland but her private movements are always private," he said. "Hancock has no idea what the plan is, it's a long settlement and there are a whole lot of issues in the contract. "Where she lives is her private matter, it's not even a matter for the company. "But she has definitely always been fond of Queensland."
