NEWS
Banks Support Austcorp's Vision
07 August 2008
Queensland-based bank Suncorp Metway and two international banks, BOS International and Royal Bank of Scotland have agreed to provide finance for the Vision project that will become the tallest building in the Brisbane CBD, developer Austcorp Group Limited announced today.
The syndicate's commitment follows closely on the heels of global investment bank Merrill Lynch who has agreed to a $50 million participation in Vision.
Austcorp executive chairman Trevor Chappell said, "Considering the scale of the project, Vision's success in attracting finance in the current credit market atmosphere underpins the project's strength and unique selling position."
"Vision has consistently achieved major milestones. More than 70% of the residential apartments and the office/retail precinct are pre-sold. These include 285 of 401 apartments valued at $260 million, and 22,500sqm of the total 33,000sqm commercial/retail precinct is pre-sold to Investa at $180m. That gives us a total pre-sale of $440m.
"Currently, Grocon has excavated to level 5 of the basement with 2 levels to go. Now they are gearing up to commence the foundations and all the works to complete the whole project now funding commitments are in place.
"As a result, the project is substantially de-risked as we get closer to delivering this beautiful landmark tower for Brisbane."
Mr Chappell also said this means Vision's main construction works contracted late last year to Grocon are now programmed to commence by the time the 7-level basement excavation is complete in late September /early October.
"Once the excavation is finished, the exciting part will start to happen when the people of Brisbane start to see the building emerge from the ground in 2009 and progressively grow before their eyes," he said.
Located on Margaret and Mary Streets in the Brisbane CBD, Vision will stand 287m tall. The 79 level building will comprise 401 apartments and 33,000 sqm commercial and retail space, and Brisbane's own observation deck. 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.
Ever since marketing launch in late 2006, Vision has become the best selling project in the CBD. Vision has sold more apartments than other projects, and Vision apartments consistently achieved prices higher than other projects.
"Vision has captured the imagination of a new style of CBD dwellers. Its great location, unique architectural design and outstanding quality are the fundamentals of its success in the market," Mr Chappell said.
Read more about Austcorp's Vision.
Go to the Vision Brisbane website at www.visionbrisbane.com.au.
