NEWS

Vision Sales Top $200 Million

07 June 2007

Apartment sales in Brisbane's landmark $900 million Vision tower have surged past $200 million in the wake of a bumper sales month in May marking the start of demolition works on site.

Vision – set to become Brisbane's tallest building at 287 metres – posted 14 apartment sales in May worth $9.9 million.

The sales follow a start in April of site works, with the 5,500 square metre Mary and Margaret Street site now cleared of both a former car park and Vision's own $4 million display centre, built only 18 months ago.

The latest deals push total sales of apartments in the building to $205 million, comprising $184 million in unconditional contracts and $21 million in conditional contracts.

A total 248 of Vision's 401 apartments are now under contract, or more than 60% of the building.

Developer Austcorp Group Limited says the start of work on site has been a catalyst for increased buyer interest in the building.

“We're attracting buyers from Brisbane, Sydney, even Hedges Avenue on the Gold Coast,” said Austcorp's Queensland general manager Kerry Spencer.

“They can see that Vision will be Brisbane's signature building, that it's a 5-star apartment offering and that settlement is four to five years away. They're confident that an apartment here will be good value in five years.”

Mr Spencer says the appointment of Grocon – Australia's leading privately owned construction group and a specialist in tall super-luxury buildings – as Vision's builder was also proving to be a spur to renewed sales.

He says Austcorp has released a new range of 18 two-bedroom apartments. The move is in response to the strong demand for two-bedroom apartments in the building, which led to the sellout of original two-bedroom stocks last year.

“It's the first time in a year the public has had the opportunity to buy a two-bedroom apartment in Vision. We know there's a lot of pent-up demand, so we expect these apartments to sell quickly.”

Prices for the new two-bedroom apartments start at $709,000 and average $850,000.

Vision will contain 53 floors of residential apartments, 12 levels of commercial office at the base of the tower, a three-level podium accommodating retail, restaurant and associated activities, a major public plaza at ground-level and seven levels of underground parking.

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