AMP, Billbergia Sell Landmark Site in Brisbane
- Sep 29, 2014
AMP Capital Select Property Portfolio No.3 (SPP3) and Billbergia have agreed to sell part of the former Vision tower site in Brisbane’s CBD to local businessman Sam Chong, owner of Felicity Hotel Group, who plans to develop a five-star hotel on the property.
The new lodging facility will rise on the Mary-Street side of the site, atop an eight-level parking facility with 900 spaces, which forms the basement structure for the future development.
“The transaction is in line with SPP3’s strategy to add value to its existing investments and pursue development opportunities in the Australian property market. The hotel site is now substantially de-risked and allows the buyer to immediately commence construction,” AMP Capital SPP3 Fund Manager Warwick Petschack said in a news release.
Meanwhile, on the Margaret-Street side of the property, AMP Capital and Billbergia are planning the construction of a 90-story residential tower comprising more than 1,000 one- to three-bedroom apartments with panoramic views across the Botanic Gardens and east towards Moreton Bay.
At nearly 899 feet, the building will be the city’s tallest and one of the highest in the country, trailing only Q1 on the Gold Coast and the Eureka Tower in Melbourne.
“The project builds on AMP Capital’s proven expertise with residential development partnerships that provide strong returns for our investors and continues our existing success with the 850 apartment project with Billbergia at Wentworth Point in NSW,” added Petschack.
The developers have selected CBRE to pre-sell the apartments in the Margaret Street high-rise. An official launch of the project will be held later this year.
Located on the southern edge of Brisbane’s CBD, the new tower will offer residents easy access to the City Botanic Gardens, the Queensland University of Technology’s Gardens Point Campus, Queensland Parliament House, the proposed casino development and the premium Golden Triangle commercial precinct.
“Whilst Sydney and Melbourne have experienced rapid price growth, the gap to comparable Brisbane apartment prices indicates that now is an excellent time to be operating within this market,” Petschack concluded.