Court orders Tinkler company to pay up on Steel River land

THE NSW Supreme Court has told a Nathan Tinkler company to complete a multimillion-dollar property purchase at Steel River.

Property and development company Mirvac took the Tinkler company to court after it failed to complete its promised purchase of a block worth as much as $20million.

Tinkler interests had wanted the land at Mayfield’s Steel River industrial park as part of a rail corridor associated with an export coal terminal the entrepeneur had been planning for the former BHP steelworks site. Premier Barry O’Farrell rejected the coal loader proposal in January.

In a written statement yesterday, Mirvac said: ‘‘On August 1, 2012, the NSW Supreme Court ordered that Nathan Tinkler’s companies, Buildev Group Pty Ltd (Buildev) and Ocean Street Holdings Pty Ltd as trustee for Ocean Street Holdings Trust (Ocean Street), must complete a purchase of the Steel River Industrial Estate on or before 1 September 2012.

‘‘Buildev and Ocean Street consented to the orders entered by Justice Sackar which brought about the end of Tinkler’s defence to the claim brought by Domaine Steel River Pty Limited.’’

Mr Tinkler’s spokesman, Tim Allerton, also provided a two-sentence statement, saying: ‘‘As reported recently, Ocean Street Holdings Pty Ltd was in a contractual dispute with Mirvac Ltd’s Domaine Steel River Pty Ltd in relation to the proposed acquisition of land in the Steel River development in Newcastle.

‘‘This contractual dispute has been resolved by consent between the parties with completion date for the land acquisition agreed to be September 1, 2012.’’

Neither party would comment further but the Newcastle Herald reported before the orders that Mirvac was seeking about $20million, while Mr Allerton said the figure was closer to $14million.

Mr Tinkler, the billionaire mining magnate who moved from Newcastle to Singapore, is in the midst of a $5billion deal to privatise Gunnedah-based Whitehaven Coal.

In a smaller transaction, Queensland coal explorer Blackwood Corp has agreed to extend an August 13 deadline to give Mr Tinkler more time to pay $28.4million to complete his purchase of one-third of the group.

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