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The Forum > Article Comments > Luxury river front property for sale - flooded only once (or twice) > Comments

Luxury river front property for sale - flooded only once (or twice) : Comments

By Tim O'Dwyer, published 30/1/2012

There are consequences to not mentioning that a property for sale was flood affected.

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Today's Courier Mail newspaper reports that Brisbane's Lord Mayor has referred to the State's Crime and Misconduct Commission the Council's $15million deal with Mirvac to acquire the developer's remaining flood-prone Tennyson Reach land and for Mirvac to construct a park on the land. This referral followed allegations raised by Seven News. Apparently the terms of the deal were subsequently changed when a valuation report made after the initial deal found that the land for which $6million was being paid had a pre-flood valuation of $9million. The Lord Mayor is reported as saying:"While I have found no evidence of wrong-doing...it is important that an independent investigation is conducted and the air is cleared." A Mirvac spokesman said the sale of the land was an independent arms-length transaction.
-Tim O'Dwyer
Posted by dog, Thursday, 9 February 2012 11:35:14 AM
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Mirvac’s application to the High Court for special leave to appeal has been refused.
Posted by dog, Wednesday, 29 February 2012 11:47:36 AM
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Here's an interesting slant on buying Flood-affected properties in Brisbane:

http://www.apimagazine.com.au/blog/2012/02/yes-we-bought-a-flooded-property-%E2%80%93-what%E2%80%99s-the-big-deal/
Posted by dog, Thursday, 1 March 2012 10:39:21 AM
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