Thursday, March 3, 2011
AMP Capital Steps In To Vision Site
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."
Sunday, January 17, 2010
Vision Brisbane Finally in Administration
Wednesday, August 12, 2009
Vision - Austcorp
It seems that we will find out at the end of September what happens next.
Friday, May 22, 2009
Letter from Vision
"... The financial crisis has also impacted Austcorp Group Limited, the ‘ Vision’ project parent. Austcorp has recently taken the step to appoint BRI Ferrier as Voluntary Administrator (VA) whilst it undertakes a restructure.
I wish to confirm that this VA appointment does not apply to Vision Brisbane Pty Limited the company with which you have an unconditional contract for your apartment.
I wish also to assure you that your deposit funds or guarantees are safe and held in a lawyer’s Trust Account as required by Queensland law. Should the project not proceed, your deposit will be returned to you along with any accrued interest entitlements. However, we are still confident that we are able to meet our obligations to you in delivering your apartment to your expectations.
We will continue to keep you informed about progress of the project along the journey to completion and handover of your ‘Vision’ apartment.
Trevor Chappell, Director, Vision (Brisbane) Pty Limited"
Thursday, May 7, 2009
Dark Vision
"The group said a "key cause" of its appointment of a voluntary administrator was the withdrawal of one of three banks in the syndicate to finance to Vision project.
It said it was "optimistic" the tower would go ahead and it would continue to "talk with interested parties who share their recognition that Vision is a very significant Queensland and Australian project that must succeed"."
See also The Australian