A new era has begun at the site previously designated for the Vision tower project at 111 Mary Street in the Brisbane CBD, with construction commencing on an eight-level car park on the site.
The car park is the first component of a mixed-use tower development earmarked for the site, which has sat vacant for the past five years.
The project will be delivered in a joint venture between
AMP Capital’s Select Property Portfolio No. 3 (SPP3) and the Sydney-based
Billbergia.
Development Approval has been given for a 35,000sqm A-grade office building and a 400-room, five-star hotel on the site, with a further 850 apartments in a second mixed-use tower.
AMP Capital Select Property Portfolio Fund Manager Warwick Petschack said the fund now holds a majority interest in the former Vision site.
"We are very pleased to deepen our involvement in the project, having held a senior debt position and working with Billbergia on development schemes for the past 18 months,” he said.
“Our strategy of building up a position in the project reflects our conviction of strong growth opportunities in the Brisbane market.”
The new hotel component will also meet the demand for high quality accommodation in the Brisbane CBD, which according to the latest
Hotel Investment Guide released by the Queensland Government and Brisbane City Council, is forecast to remain in significant under-supply.
Hutchinson Builders has been appointed to build the new multi-level car park within the existing excavation, which is due for completion within 12 months.
Construction of the office and mixed-use towers will commence once a suitable pre-commitment has been secured.
Billbergia will be appointed as the Development Manager on the project.
This is not the first joint venture between AMP Capital and Billbergia, which are
currently working together on a separate project at Wentworth Point in Sydney.
