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    Minister for Housing and Public Works
    The Honourable Mick de Brenni

    Taxpayers the losers in Nicholls’ CBD fire sale

    Minister for Housing and Public Works
    The Honourable Mick de Brenni

    Monday, March 28, 2016

    Taxpayers the losers in Nicholls’ CBD fire sale

    The recent sale of former Government office buildings is further proof that the previous LNP government was engaged in economic vandalism, Housing and Public Works Minister Mick de Brenni said today.

    In 2013 the former LNP government sold seven Brisbane CBD buildings to the Queensland Investment Corporation for $237 million less than their 2012 valuations. Two of these buildings have recently been on sold for up to double their original sale price.

    41 George Street was sold to QIC for $75.5 million and on sold by QIC last month for $159 million.

    62 Ann Street was sold to QIC for $37 million and on sold late last year for $70 million.

    “This whole process has been a disaster from the beginning,” said Mr de Brenni.

    “It was an act of economic vandalism, pure and simple.

    “Tim Nicholls’ commitment to asset sales was so strong he didn’t even care what price he sold them for, he just wanted them sold.

    “If Tim Nicholls ever holds a garage sale make sure you get in quick. Based on his track record you are sure to pick up some of the best bargains in Clayfield.”

    Mr de Brenni said ultimately Queensland taxpayers have lost out because of the LNP’s mismanagement.

    “If you include the losses on the CBD building valuations, plus long-term rent deals on these buildings and 1 William Street, that's $2 billion taxpayers miss out on,’ he said.

    “That's $2 billion that could have been spent on the long-term infrastructure needs of Queenslanders, flushed straight down the drain by the LNP.

    “Based on their track record, Queenslanders were right to reject the LNP’s asset sales at the last election.

    “We can all be thankful that Tim Nicholls never had the chance to finish his full fire sale of state owned assets,’ Mr de Brenni said.

    ENDS

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