Saturday, February 13, 2010

Vision Hole For Sale

"Brisbane's besieged $1 billion mega skyscraper, Vision Tower, may still rise from the ground although the prime CBD site is for sale.

The ambitious Austcorp development, which was to be Brisbane's tallest residential, and commercial tower, was flattened by the global financial crisis in 2008 leaving $25 million of excavation work of the seven level basement behind. The 5,478 square metre site straddling Mary and Margaret Streets will be marketed by Jeff Dolan from Colliers International Queensland and Damian Winterburn of CapLand Real Estate Advisors.

The project, which would have boasted 109,138 square metres of gross floor area and 763 car parks, was originally due to be completed in May 2012, but Austcorp subsidiaries Vision Brisbane and Vision Developer were placed in the hands of voluntary administrators Deloitte last month. Deloitte partner Chris Campbell said there had been interest in the existing development approval, which allowed for seven levels of basement parking, three levels of retail, 15 levels of office space, two observation decks and 53 levels of residential apartments.

"The Voluntary Administrators have already received significant interest in the landmark site, which will be marketed for sale through a six week 'offer to purchase or restructure' campaign," he said.

Mr Winterburn said the original Vision Tower could still rise from the ground.

"It is all speculation at this stage, but it is still an option," he said. "We may have a buyer who wants to pick up where [Austcorp] left off, but we're just not sure at this stage."

However Mr Winterburn would not confirm whether an Australian-based buyer was looking to develop two towers on the site. Yet industry sources yesterday said it was most likely the site would be sold in separate parcels of land for residential development. "It is a really good location, but it will be hard to move as one. I expect it will be sold in two or three parcels of land," one property group head, who declined to be named, said.


Developer Metacorp's Empire Square Project on Elizabeth Street also fell victim to the downturn in 2008, as work also stalled on APH Capital's troubled $880 million Trilogy Tower on Queen Street."

Brisbane Times

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