BOQ commits to Brisbane's Gasworks as CBD exodus continues

Brisbane's CBD fringe continues to expand outwards with another major tenant moving out of the CBD.

Bank of Queensland (BOQ) has announced that it will be relocating its headquarters out of the CBD and into FKP's

The Gasworks development in Newstead Riverpark.

The purpose-built $180 million building, designed by Bevan Lynch of

ML Design, features a total of 16,690 sqm of Net Lettable Area (NLA) with typical floor plates of 1,500 sqm and over 230 car parks at a ratio of 1:70.

It is understood BOQ will occupy over 12,000 sqm and move close to 1,000 staff into the new premises by July 2014.

The BOQ Branch at 255 Queen Street will remain and a new branch will be opened at Newstead as part of the development.

CEO and Managing Director Stuart Grimshaw said he was attracted to the building's 'blank canvas' to create the ideal environment to realise its growth plans.

"We're concentrating on growing our business and offering Australians a far better customer experience to our competitors. We need to be flexible, innovative and inspired to provide that alternative and our new purpose-built premises is a logical step towards this goal," he said.

"We want to offer our people an inspiring and exciting place to come to work, that complements our changing lifestyles while also making sense in terms of how we will work together in the future," said Mr Grimshaw.

FKP Executive Director Mark Jewell said BOQ's decision to relocate its headquarters to The Gasworks marks a significant step toward the evolution of the $1.1 billion project in Newstead.

"Businesses increasingly recognise that basing themselves on the fringe of the CBD provides major benefits such as better car parking for employees and visitors, bigger floor plates, easier access, campus style buildings and state-of-the-art design," he said.

"This trend will continue to gain momentum in the coming years, as more firms follow in the footsteps of large businesses that are already making the move.

"BOQ will join our other newly committed commercial and retail tenants such as Woolworths and James Street markets, making The Gasworks the integrated destination precinct FKP envisages it to be."

Stage One of The Gasworks, the Energex building comprising 33,000sqm of A grade office space, was completed in December 2010.

Construction of The Gasworks Stage Two is underway and on track for completion in early 2013, and will create approximately 8,000sqm of retail and 8,000sqm of A grade office space.

Construction will begin on the new Stage Three building for BOQ in 2013 and is scheduled for completion by February 2014.

Angus Harvey Ross from CBRE Global Corporate Services was appointed to run the tender and site selection process for BOQ and was ultimately successful in brokering the deal with FKP.