Santos tipped to start looking for a new Brisbane HQ while BHP is staying put after 12-month process

A major oil and gas producer is expected to put the feelers out for a new Brisbane head office, while after a year long process the world’s largest miner has elected to remain in its local HQ.

Brisbane CBD at twilight.

Oil and gas giant Santos is expected to go out to the market for a new head office for its Queensland operations.

Industry sources say that while the company has naming rights on its long-term address, Santos Place at 32 Turbot St, it will put an office requirement into the market for 10,000sq m to 12,000sq m by the end of the year or in early 2023.

While Santos will start the process to find new digs, the world’s largest mining company BHP will stay in their long-term Dexus-owned office tower at 480 Queen St despite having their 16,000sq m 20,000sq m requirement out for almost a year.

Santos Place in the Brisbane CBD.

Citybeat hears that BHP did have a good look around and were impressed with Mirvac’s mooted tower on the old dental school site at 200 Turbot St.

We also hear Brisbane City Council, which has a 30,000sq m to 35,000sq m office requirement in the market, is also edging towards a decision.

Sources say BCC is expected to remain at Brisbane Square tower on George St and Green Square in Fortitude Valley, although Charter Hall’s mooted tower at 309 North Quay may still be in play.

Meanwhile, ANZ has a 3000sq to 4000sq m office requirement and is looking at Riparian Plaza and 123 Albert St while accountants Ernst Young is looking for about 6000sq m to 8000sq m.

Both are currently in GPT Group’s 54-storey premium tower at 111 Eagle St.

PwC Australia is in the market for between 6000sq m and 8000sq m of space in the CBD while Macquarie Bank is after 3000sq m to 4000sq m and is looking at the Valley and the CBD.

Numbers speak

Fourteen months after rebranding, the Great Southern Bank is one of the growing banks in the market and has its eyes on merger or acquisition opportunities.

Chief executive Paul Lewis (illusstrated) says the rebranding from Credit Union Australia removed “a bit of friction” when only 50 per cent of Australians knew what a credit union was. And the numbers are showing people are getting the message.

Australia’s largest customer-owned bank helped more than 20,500 customers to buy a home over in 2021-22, issuing $5.28bn in new loans – up 58 per cent on the previous 12 months.

The group recorded a net profit after tax of $70.5m helped along by the sale of its health insurance subsidiary which left the bank in a strong capital position and the number of its active customers increased to 382,012 making it the 7th fastest growing bank in the market.

“We have an aspiration to double the size of the organisation in the next three years and while some of that will be organic growth and we’re keeping an eye out for things like mergers and acquisitions,” Lewis says.

Great Southern Bank CEO Paul Lewis and Queensland Cricket CEO Terry Svenson at the Gabba.

He says their conservative approach to lending has sensure customers were in “pretty good shape” being only 20 per cent of the industry average for 90 day delinquency rates.

“Against a backdrop of high house prices and rising interest rates, we are continuing to help more Australians find alternative paths to home ownership, including first home buyers and single parents who may have historically found it difficult to get on to the property ladder,” Lewis says.

He says they remain committed to a Brisbane head office and were in the second year of a three-year sponsorship deal with the Heat in the BBL and WBBL, and will continue of their sponshship deal with Carlton in the AFL.