Markets 
BHP’s Brisbane headquarters will be sold for more than $650 million, in a deal property giant Dexus says will help fund higher-returning investments and reduce debt.
The group announced to the ASX on Thursday it had exchanged contracts to sell 480 Queen Street, which is jointly and equally owned by Dexus and the Dexus Wholesale Property Fund.
Construction of the Grocon-built tower was completed about a decade ago.
According to Dexus, the net sale price of $657.3 million was in line with the property’s independent valuation as at June 30 and represented about a 4 per cent discount to its December 2025 book value.
Dexus said proceeds from the sale would reduce its gearing, a measure of debt, by about one percentage point.
“This transaction is a further demonstration that we are executing on our strategy and will release capital to assist in funding higher-returning initiatives,” Dexus chief executive Ross Du Vernet said.
Dexus said the deal remained subject to Foreign Investment Review Board approval but was otherwise unconditional.
The company expected settlement to occur on December 1 this year, with about $259 million from its share of proceeds to be received at settlement and a further $70 million payable in June 2028 under a deferred payment arrangement carrying a 6 per cent annual coupon.
Dexus said 480 Queen Street was 89.7 per cent occupied and had a weighted average lease expiry of 3.8 years.
Despite the sale, Dexus said it would maintain significant exposure to Brisbane’s office market through its jointly owned waterfront precinct.
The company said the Dexus-owned One Eagle (formerly Waterfront Place) was 93.8 per cent occupied and the under-construction North Tower at Waterfront Brisbane was 71 per cent pre-leased.
The Waterfront Brisbane development involves a $2.5 billion transformation of the Eagle Street Pier and Waterfront Place precinct, including two office towers, retail space and expanded public riverfront areas.
“We retain a significant office exposure in Brisbane, focused on the irreplaceable Waterfront precinct with embedded growth options,” Du Vernet said.
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