Heritage Bank and People’s Choice reveal site of new Toowoomba head office in CBD

Following months of searching, Australia’s largest mutual bank has chosen its new head office in the heart of the Toowoomba CBD.

The Toowoomba CBD will remain the home of Australia’s largest mutual bank, after Heritage and People’s Choice revealed where it would be situated following an exhaustive search.

The former Shrine Catholic Church, based on 2800 sqm site on the corner of Ruthven and Union Streets in Toowoomba City, will be demolished to make way for a six to seven-storey HQ by as early as 2027.

Heritage and People’s Choice on Wednesday the Catholic Diocese of Toowoomba had agreed to sell the property, which currently houses CatholicCare and other services.

It was just 18 months ago that Heritage Bank announced it was exiting its current head office just down the road and planned to build a new HQ by 2025.

Australian Unity was charged with finding a new location, with an announcement originally expected in the first quarter of last year.

An artist's concept design for Heritage Bank and People's Choice's new Toowoomba headquarters on Ruthven Street.

Bank CEO Peter Lock said construction would start on the multimillion-dollar project next year, pending approvals from the Toowoomba Regional Council.

“We’re excited to have secured this fantastic central site as the home for a stunning new head office and branch that will set the benchmark for office accommodation in Toowoomba,” he said.

“It’s the right size, in a very central location, with three-street frontage and scope to create a welcoming, collaborative environment that our people will enjoy working in to support our members.

“We’re committed to maintaining a head office in Toowoomba and the purchase of this block will enable us to build a new facility here that the city can be extremely proud of.”

It comes less than two months after Heritage officially merged with the Adelaide-based People’s Choice Credit Union in March, creating Australia’s largest mutual bank with $26bn in assets.

Heritage Bank and People's Choice CEO Peter Lock and chairman Michael Cameron.

Chairman Michael Cameron said the merger, which is expected to adopt a completely new name in future, will maintain two head offices in Toowoomba and Adelaide.

“This project means a massive investment in Toowoomba and underlines our longstanding commitment to this city since our origins here in 1875,” Mr Cameron said.

“Our investment in this exciting development underlines our commitment to our people and our members, and the confidence we have about our future as a strong, national alternative to the listed banks.”

Deputy chairman Kerry Betros said while detailed designs had not been completed, the building would be a modern office space.

“This will be an attractive, highly efficient, 21st century office space used by hundreds of local employees and many more visiting regularly from across Australia,” he said.

“While the design of the new building is yet to be finalised, it will be a multistorey complex of up to seven floors, constructed to provide a quality environment that will help us attract the best people, support them to develop rewarding careers here in Toowoomba and provide better outcomes for our members.

“It’s fitting that this site, which has played such an interesting role in Toowoomba’s history, will become the location of this new building that will become a landmark for the city.”