NEWS
Construction Starts on Vision
04 April 2007
Construction has begun on Brisbane’s $900 million landmark Vision tower, set to become the tallest building in the Queensland capital at 287 metres.
A contract has now been signed between national property developer, Austcorp Group Limited, and Australia’s leading privately-owned construction group, Grocon.
The contract will see the demolition of the display centre at 111 Mary Street, clearing of the car park behind the centre, and a massive excavation to cater for a seven-level basement and the tower’s foundations.
Austcorp Executive Chairman Trevor Chappell said he was delighted the first steps in the creation of what would be an iconic architectural achievement for Brisbane had now been taken.
“Vision will be a signature tower recognised around the world and one of which Brisbane can be proud,” Mr Chappell said.
“It is an historic moment to see the start of construction on this exceptional structure and Grocon has a track record of delivering ambitious and visionary building projects.
“This expertise will be paramount in turning a project of the magnitude of Vision into reality.”
Grocon’s Chief Executive Officer Daniel Grollo said the company was looking forward to working with Austcorp on the Vision Tower.
“For Grocon, it’s a great project with which to begin our move into Queensland and one of the most elegant and beautiful buildings on which we’ve worked,” he said.
“We believe it will be a significant contribution to the city skyline overlooking the Brisbane River and the Botanic Gardens.
“And it’s not only a residential tower but an office building, complete with more than 5000 sq ms of shops, cafes, restaurants, health and lifestyle facilities and a visitor observation deck.”
The commencement of Vision follows Austcorp’s decision to go ahead with construction following strong residential pre-sales.
The first stage of construction, expected to take around 12 months, will be followed by building of the seven levels of basement car park, 17 levels of commercial offices with shops and restaurants and then 53 levels containing 401 apartments and the two-level observation deck.
Grocon is the most experienced builder of iconic high rise projects in Australia, including Melbourne’s tallest residential landmark, Eureka Tower, and Sydney’s tallest, the World Tower.
Other landmark projects include Melbourne’s Crown Casino, the Rialto Towers, the redevelopment of the MCG for the 2006 Commonwealth Games and Sydney’s No 1 Martin Place.
To date, Austcorp has secured $178 million in unconditional sales, or 221 apartments, in Vision – more than half the building’s residential precinct.
“The pre-sale of apartments confirms an enthusiastic acceptance of the project among future residents and investors,” Mr Chappell said.
“There has also been strong interest expressed in the commercial, retail and car parking components of the building and we are confident this will lead to their pre-sale progressively for around $300 million.
“This is the Brisbane property market’s first opportunity to invest in an Austcorp project built by Grocon. We are confident this appointment will provide investors with a level of quality not previously seen outside Sydney and Melbourne.”
Vision Facts
| Location | 111-131 Mary Street, Brisbane |
| Height | 287 metres |
| Site area | 5,500 square metres |
| Total built area | 153,000 square metres gross floor area over 79 levels |
| Commercial office | 28,000 square metres net lettable area over 13 levels |
| Retail | 6,000 square metres net lettable area over 3 levels |
| Observation deck | 2,000 square metres net lettable area over two levels (60 and 61) |
| Basement | 38,000 square metres |
| Car park | 763 in the 7-level basement car park |
| Residential | 50,000 square metres |
| Number of apartments | 401 over 54 levels |
| Unconditional sales | 221 apartments totaling $178 million |
Read more about Austcorp's Vision.Go to the Vision Brisbane website at www.visionbrisbane.com.au.
