NEWS

Austcorp's Vision Attracts Major Investor

31 July 2008

Merrill Lynch's Global Commercial Real Estate has made its first investment in Australia, through financing a portion of Austcorp Group's Vision project in the Brisbane CBD.

Austcorp executive chairman Trevor Chappell said, “This is a very significant development for Vision as it further underpins the commercial viability of the project, as well as Austcorp's commitment to the success of the project. Having such an established real estate investor on board is a great plus for Vision."

Vision will comprise more than 400 residential apartments covering 55 levels, 32,000 sqm of commercial office space on 15 levels, and a retail plaza over three levels. Vision will also house Brisbane's first observation deck, providing a major new tourist attraction for the city.

Martin Seol, Managing Director, Merrill Lynch Asia Pacific, said, “We look forward to our participation in what is going to be a landmark development for Brisbane and Australia."

With a total commercial and residential pre-sale close to $440 million, Vision continues to be very well supported in the market. Austcorp is a national property developer and investor with projects in New South Wales, Queensland, Victoria and Northern Territory.

Mr. Chappell said building works by Grocon were proceeding well with excavation at the Vision site to be completed in September, followed by foundation work, construction of the underground carpark and the construction of the 287m tower.

A defining character of Vision is its generous public spaces and amenities. The vertical village concept means Vision will function as several discreet precincts for residential apartment living, offices, retail shops, alfresco dining and lifestyle amenities.

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