Bank of Queensland’s rapid growth over the last three years has led to the announcement today that it would move its head office into the new MacArthur Tower in Queen Street, Brisbane, which will be renamed BOQ Centre.
Managing Director David Liddy said the decision followed extensive negotiations with a number of parties, and came as a result of the Bank of Queensland outgrowing its current headquarters at 229 Elizabeth Street.
“Bank of Queensland has been a growth story over the last two years with the opening of 36 new branches, while actually reducing our expenses as a percentage of cost,” he said.
“So, while growing our network and controlling our expenses, we have also faced the physical constraints of our current headquarters, which has been the Bank of Queensland base since 1982.
“The time is right for Bank of Queensland to spread its wings when it comes to inner city office space for our headquarters. We need some growing room and the BOQ Centre, as a new building designed with the very latest space advantages, is perfect for our needs now, and into the future,” Mr Liddy said.
Bank of Queensland has agreed to a 10-year lease from August 1, 2004. It will have signage and naming rights over the landmark building in the “banking district” at 261 Queen Street in Brisbane’s CBD.
The lease will initially be for 4.5 floors (floors 15 to 19) increasing to a full five floors in August 2007, bringing the total space to 8064 square metres. The building will house more than 400 BOQ head office staff. IT outsource partner EDS will not move to BOQ Centre.
The agreement also includes the seven-year lease of a 227 square metre retail space on the ground floor of BOQ Centre from July 1, 2004.
General Manager, Distribution and Productivity David Saville, who managed the Bank’s negotiations regarding the new premises, said a number of premises in the CBD had been investigated.
“We chose MacArthur Tower because of its prime Queen Street location, and its large floor plates allowing for exceptional space efficiency and flexibility," Mr Saville said.
”This allows us to design a new fit-out which not only meets our current needs, but will allow us to manage the space as the Bank continues to grow and change in the future,” he said.
Bank of Queensland employed Urbis JHD (Bronwyn Lawler) to help negotiate the deal with the MacArthur Tower Joint Venture.