SA billionaire Con Makris moving headquarters to Queensland because of Adelaide’s small-town mentality
ADELAIDE billionaire Con Makris is blaming a dying state economy and small-town mentality for his decision to uproot his company headquarters to Queensland.
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ADELAIDE billionaire Con Makris has blamed a dying state economy and small-town mentality for his decision to uproot his company headquarters to Queensland.
South Australia’s richest man, whose Makris Group has been based in Adelaide for the past 45 years, is forging a Brisbane head office in a bid to capitalise on “astronomical” growth in that city and the Gold Coast.
Mr Makris, 69, will retain an Adelaide office and remain living at Glenelg, where he is expanding his seafront penthouse.
He also declared he would soon unveil exciting plans for the long-vacant Le Cornu site in North Adelaide, where a Sheraton Hotel has been announced as the centrepiece for a luxury residential, retail and hotel development.
But Mr Makris, ranked at 45 on the latest BRW Rich List, told The Advertiser he had abandoned plans for a Glenelg-Kangaroo Island ferry mooring at Holdfast Shores.
Opposition Leader Steven Marshall said the Makris relocation was the latest in an exodus not seen since the 1991 State Bank disaster, while Treasurer Tom Koutsantonis said latest figures showed SA was a strong investment destination for commercial property development.
But Mr Makris decried his beloved city’s “small-town” mentality, saying he had nothing against the State Government but he feared for SA’s economic future.
“It doesn’t matter if it’s a Labor or Liberal (state) government, if the horse is dead you can’t bring it back to life quickly,” Mr Makris said.
“I love the city, it’s a beautiful city to live but it’s a pity it’s got the mentality of a small town.”
Mr Makris urged federal politicians to work together to revive Australia’s economy, saying their “fighting every day” was “making me sick”.
“They should get together ... on the Australian economy because I don’t think we are travelling very well,” he said.
Mr Makris warned of looming economic blows from Europe and said he was worried about Australia’s readiness to withstand an economic shock.
He lamented “bludgers” who did not want to work, declaring people could get a job if they wanted.
“A lot of people can’t get any workers because people don’t want to work,” Mr Makris said.
He attacked weekend penalty rates, saying they were costing jobs because restaurants could not afford to open.
The Makris Group has put several major developments across Adelaide up for sale in the past year, including City Cross shopping centre, Gilles Plains shopping centre and Newton Village shopping centre.
A landmark 14-storey office tower at 431 King William St is on the market but has not been sold.
The company also owns Hallett Cove shopping centre, North Adelaide Village, Marina Pier at Holdfast Shores and the Oxford Hotel in North Adelaide.
Mr Makris said the moves were a result of his perception that Brisbane and the Gold Coast would have “astronomical” growth.
“It’s already happening and we want to be here on the ground to capitalise on that growth,” he said.
“We’ll reduce the size of our Adelaide office. You could say that the South Australian market is not exactly vibrant.”
Mr Marshall said Mr Makris was an extraordinarily successful South Australian who, unfortunately, now believed the best business opportunity was outside the state.
“This is the logical consequence of this government’s failed economic plan — many of the most successful people are looking further afield, interstate and overseas, and not in South Australia,” he said.
Mr Koutsantonis did not directly comment on Mr Makris but cited economic figures, released Wednesday, showing the state economy and household spending growing beyond the national average.
Who is Con Makris?
■ Born: Patras, Greece, 1947
■ Age: 69
■ Moved to Australia at the age of 16.
■ Wealth: $1.17 billion, 45th on the BRW 2016 Rich List.
■ First Greek migrant to become a billionaire in Australia.
■ Early days: First job was as a seven-day-a-week foundry worker, followed by the purchase of his first fish and chip shop and then the grocery store next door.
■ Owner of Greek second-division soccer club Panachaiki from 2005-2009.
■ Once touted a high-speed daily ferry service between Glenelg and Kingscote.
■ Supported Greece’s Socialist Prime Minister Alexis Tsipras during the country’s recent financial crisis.
■ Notable properties: City Cross Shopping Centre on Grenfell St (estimated value $120 million); former Le Cornu site in North Adelaide; Optus building at 431 King William St; and The Oracle precinct and Marina Mirage on the Gold Coast.