Queensland Country Bank buys office building in the Brisbane CBD

A Queensland country bank is moving to the city, snapping up a seven-level office in Brisbane’s CBD as a base for admin staff and eventually a branch.

Queensland Country Bank's new headquarters at 247 Adelaide St in the Brisbane CBD.

Queensland Country Bank will move its local administrative team into Brisbane’s Golden Triangle after acquiring a refurbished CBD office building.

The bank paid $19m for the seven-level refurbished B-grade office building at 247 Adelaide St, which in the future will also feature a Country Bank branch on the ground floor

The deal was struck by Colliers’ Nick Wedge and Hunter Higgins on behalf of BWC Properties which purchased it in 2023 for $16.5m.

Queensland Country Bank chief executive Aaron Newman said the move reflected the bank’s long-term vision to serve more Queenslanders by expanding its reach while staying true to its regional roots.

“This investment is a critical step in growing the Bank’s footprint and demonstrates our long-term dedication to building and sustaining a strong financial institution that continues to add value for our members,” he said.

The bank recently announced a new branch in Maroochydore.

Queensland Country Bank CEO Aaron Newman.

“While many banks are closing their doors, particularly in regional areas, Queensland Country Bank continues to prioritise supporting the regions and communities where our Members live and work,” Mr Newman said.

“The recent purchase of this commercial property in Brisbane, along with the opening of our upcoming Maroochydore branch, highlights our commitment to maintaining our existing branches and expanding into new locations where communities need us most.

“The move also builds on our recent initiatives across the state including our principal partnership with the Brisbane Heat, the successful completion of our Good for Good Community Grants program, and the ongoing naming rights at Townsville’s Queensland Country Bank Stadium.”

The building has a net lettable area of 3044 sqm and the off-market sale reflected a 2.55 per cent passing yield and 7.43 per cent fully leased yield.

Queensland Country Bank's new headquarters at 247 Adelaide St in the Brisbane CBD.

Mr Wedge said the sale showed that demand for office space remained strong.

“This prime CBD location offered a great opportunity for Queensland Country Bank to purchase a commercial building that will house not only a branch, but also their Brisbane branch and administration offices to complement their Townsville head office, with the remainder of the building leased to existing tenants providing passing income,” he said.

“Brisbane has the tightest office market outside of Hobart CBD. Despite rising vacancy rates across most Australian CBDs since 2022, the Brisbane CBD has seen a notable 6 per cent overall decline, achieving a vacancy rate of 9.5 per cent in July 2024, a level not seen since January 2013.”

Mr Higgins said Brisbane CBD has defied the trend of declining absorption rates in Sydney and Melbourne, demonstrating a strong demand for office space, driven by a resilient economy.

“Brisbane’s economic growth, which is fuelled by growing population, infrastructure investments and business expansion, is what is driving this strong demand,” he said.

“As the city attracts more businesses and industries, the expansion of office supply will be critical moving forward.