NEWS
The Future is Bright for Brisbane's Vision
28 February 2007
National property developer Austcorp Group Limited today set the record straight that its Vision site in the Brisbane CBD would not be sold. The company confirmed that construction work will start on the $900 million Vision project this month.
Austcorp Executive Chairman Trevor Chappell confirmed:
“Discussions with fellow developer Devine Limited regarding a possible sale of the site are now discontinued.
“Recent reports and rumours suggested that progress with Vision had stalled and the site was to be sold. However, in recent weeks we completed funding arrangements enabling us to start construction of Vision. We now have sufficient pre-sales of apartments in place to confirm the strong acceptance of the project.
“Furthermore, there has been strong interest expressed in the commercial, retail and car parking components of the building and we are confident this will lead to the sale of these components, in the near future.
“Vision is full steam ahead and is now in construction mode.”
Mr Chappell said the iconic 79-level building – Brisbane’s tallest tower – would be built by Australia’s leading privately owned construction group, Grocon which will move on to the Vision site almost immediately. The project will be Grocon’s first in Queensland.
The initial phase of construction will see the demolition and excavation commence on the 5500sqm city block site spanning Margaret and Mary Streets.
This work includes the demolition of the on-site residential display suite on Mary Street - leaving potential buyers with as little as a fortnight to inspect full replicas of the finished apartments.
Vision has secured $174 million in unconditional apartment sales to date, or 218 of the tower’s total 401 apartments.
Vision Facts
| Location | 111-131 Mary Street, Brisbane |
| Height | 287 metres |
| Site area | 5,500 square metres |
| Total built area | 153,000 square metres |
| Commercial office | 28,000 square metres over 13 levels |
| Retail | 6,000 square metres over 3 levels |
| Observation deck | 2,000 square metres on levels 60 and 61 |
| Car park | 763 in the 7-level basement carpark |
| Number of apartments | 401 over 53 levels from Levels 17 to 71 |
| Sales | Unconditional sales 218 apartments - $174 million Contracts issued 8 apartments - $12 million 226 apartments - $186 million |
Read more about Austcorp's Vision.Go to the Vision Brisbane website at www.visionbrisbane.com.au.
