NEWS

Austcorp Sells Vision Commercial to Investa

07 February 2008

The Vision tower, Brisbane's tallest building at 287 meters by national property developer Austcorp Group Limited, has reached significant milestones that mark the continued success of the project.

Executive Chairman of Austcorp, Mr Trevor Chappell, said the company has signed a contract with Investa Properties Limited for the part acquisition of the commercial, retail and tourism space at the iconic Vision tower amid virtually full occupancy in the Brisbane commercial market.

Under the $185 million Investa acquisition, Austcorp will sell to Investa approximately 70% of commercial space at Vision, yielding a net lettable area of approximately 21,500 sqm, together with 108 carparks.

Delivery of the commercial components is expected in 2010, and residential apartments in 2011.

Situated on a 5500sqm site between Mary and Margaret Streets in Brisbane's city center, Vision has the biggest A grade office floor plates on offer in the Brisbane CBD, and is ideally located adjacent to the city's prestigious financial and business district, as well as the George Street government precinct.

"Vision is designed to be Brisbane's No.1 address to live, work and play. Austcorp's vision in creating this tallest and most beautiful building in Brisbane has been enthusiastically embraced by the business and residential communities," said Mr Chappell.

"The commercial acquisition by Investa, plus the residential pre-sales to date, represents over $430 million in future revenues."

Vision will comprise 401 residential apartments over 55 levels, commercial workplaces consisting of 28,000sqm of net lettable area over 15 levels and accommodating up to 1500 workers, a civic and retail plaza over three levels and Brisbane's first observation deck, providing a major new tourist attraction for the city.

A defining character of Vision is the people-centric design, with generous public spaces and amenities. The vertical village concept means Vision will function as having several discreet precincts for residential apartment living, offices, retail shops, al fresco dining and lifestyle amenities.

"Vision has captured the imagination of Brisbane and has proved enormously popular with sales now at $250 million, with 70% of apartments already sold. This reinforces how well the project has been received and the strength of the Brisbane market," said Mr Chappell.

"Brisbane city is Australia's most outstanding location for continued growth and demand. Vision is clearly leading the surge in growth in both the commercial and residential markets here."

Read more about Austcorp's Vision.
Go to the Vision Brisbane website at www.visionbrisbane.com.au.