Mining tycoon Nathan Tinkler has reportedly failed to pay property development company Mirvac about $17 million to settle a Newcastle industrial property.
Mr Tinkler’s private companies agreed to buy an industrial site at Newcastle from Mirvac in July last year but declined to settle after the NSW government rejected his plans for a fifth coal export terminal at Mayfield.
The NSW government cited environmental issues and community concerns as reasons it would not allow the project to proceed.
Mr Tinkler subsequently attempted to withdraw from the agreement to purchase the Newcastle land parcel.
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Mirvac sued, and on August 1 the Supreme Court of NSW ordered Tinkler’s Ocean Street Holdings and another of his companies, the Buildev Group, to complete the purchase by 5pm yesterday.
The Sydney Morning Herald reports a Mirvac representative confirming yesterday that despite the court order, the settlement did not take place.
”Mirvac intends to pursue its rights in relation to this matter to ensure … the contract for the sale is completed,” the spokesperson said.
The official sale price has yet to be formally revealed.
This article first appeared at LeadingCompany’s sister publication, Property Observer.