INVESTA purchased Vision office development in Brisbane
Investa Property Group announced today that it had exchanged contracts to acquire the main commercial office component of the Vision building in Brisbane.
The Vision building is an iconic 79 Storey mixed use complex. It comprises commercial office space, retail and leisure facilities, an observation deck and some of the most spectacular residential apartments ever created in Australia.
Upon completion in late 2010, Investa will acquire the main commercial component of 21,500 square metres.
"We are very excited to be a part of this landmark development. Investa's involvement in the Vision office project demonstrates our confidence in the Australian property market and commitment to growing our property businesses with quality projects in key markets," Investa CEO and managing director John Thomas said.
The office building, which fronts Mary Street, has been designed to PCA A Grade standard and to meet Investa's minimum requirement of an ABGR 4.5 Star rating. The 15 level office building will include large, substantially column free, uniform floor plates of between 1,560 and 1,640 square metres, serviced by a total of 9 dedicated lifts, making it one of the most well serviced office buildings in Australia.
"Investa has worked closely with Austcorp to produce an office product that will stand proudly adjacent to the spectacular Vision Tower", Investa Group Executive, Michael Cook said.
Mr Cook said the Brisbane commercial market had performed strongly and vacancy rates are currently at their lowest on record.
"In terms of market growth we believe the best is yet to come for the Brisbane market," Mr Cook said.
"The current property cycle has seen many tenants in Brisbane centralize their operations and improve their office accommodation in terms of standard, efficiency and ESD. This is a phenomenon that has occurred in most important global cities. The fact that Brisbane too is experiencing this transition is a welcome reminder of Brisbane's growing importance on the world stage."
Including the Vision project, there are 12 projects due for completion in the next three years; 153,000 m2 of this 287,000m2 is already pre-committed, leaving only 134,000 m2 uncommitted. This represents less than 2.5 years of demand, based on recent Brisbane absorption rates.
"Other than the new DBREEF building, Vision is the only office space capable of being delivered in 2010," Mr Cook said.
For further information, please contact Michael Cook on (02) 8226 9413
Disclaimer: This release may contain forward looking statements. Such forward looking statements are not guarantees of future market conditions, results or performance. The forward looking statements are subject to risks, uncertainties and other factors which may cause actual events to differ from the forward looking statements in this release. Those risks, uncertainties and other factors include, but are not limited to, general economic and business conditions; trends and business conditions in property markets in Australia; competition; changes in Investa's strategies, plans and operations; governmental regulation; changes in interest rates and other risks and uncertainties. Investa disclaims any intention or obligation to update or revise any forward looking statements in this release, whether as a result of new information, future events or otherwise.