BHP sells Brisbane headquarters for over $650 million

BHP Group has agreed to sell its Brisbane headquarters at 480 Queen Street for a net price of about $657.3 million. The transaction, announced to the Australian Securities Exchange, is being handled by property firm Dexus and its wholesale property fund, which jointly own the building.

Proceeds are slated to reduce Dexus’s gearing by roughly one percentage point and fund higher‑returning investments, with an initial $259 million to be received at settlement on 1 December and a further $70 million payable in June 2028 under a 6 % coupon arrangement. The tower is currently 89.7 % occupied with an average lease expiry of 3.8 years. Despite the sale, Dexus will retain a significant Brisbane office presence through its Waterfront precinct, where the One Eagle tower is 93.8 % occupied and the under‑construction North Tower is 71 % pre‑leased.