AMP Capital has announced its Select Property Portfolio No. 3 Fund (SPP3) has provided funding to Billbergia for the purchase of the former Austcorp Vision tower site in Brisbane’s CBD.
The Vision site is prominently located between Mary and Margaret streets and currently has development approval for a residential and commercial tower. The site is well positioned to capitalise on Brisbane’s strong commercial and residential growth prospects, with new A-Grade environmentally rated office space predicted to be in high demand in the coming years.
AMP Capital Investors Head of Opportunity Funds, Dale Phillips said; “This investment will provide an excellent opportunity for our investors as it provides our fund with an attractive opportunity to participate in the future development of the office component of the site. We are pleased to further build upon our relationship with Billbergia following our joint venture on the residential development at Wentworth Point in Sydney.”
The Billbergia Group is an Australian building and civil construction company which was established in 1987. Billbergia are an experienced developer, with a strong track record of large scale residential and mixed use developments.
SPP3 is a close ended, unlisted diversified fund that focuses on higher return/higher risk property opportunities in the Australasian property market.