Warwick Petschack

AMP Capital Select Property Portfolio No.3 (SPP3) and Billbergia have executed a contract to sell part of the former Vision tower site in Brisbane.

Between 111 Mary Street and 222 Margaret Street in Brisbane’s CBD, the land will be sold to Brisbane-based businessman Sam Chong, owner of Felicity Hotel Group, who recently developed the adjoining Four Points Sheraton.

Construction of the first stage of the site – the eight-level, 900-bay car park which forms the basement structure for the future development – is now complete. It is anticipated a public car park will open while the development proceeds above ground.

AMP Capital Select Property Portfolio No.3 Fund Manager Warwick Petschack said: “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.”

Spokesman for the purchaser Ian Pert of GMP Management said his client is excited about the opportunity to develop a new 5-star hotel in Brisbane and is currently assessing their design options with a view to start building as soon as possible pending DA approval.

AMP and Billbergia submitted a Development Application (DA) to Brisbane City Council in July 2014 which will allow a 5-star hotel to be built on the Mary Street side of the site replacing what would have been an office building under the current DA. The new DA also now provides for an apartment-only tower on Margaret Street.

Mr Petschack added: “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.”

AMP Capital and Billbergia are now focused on the 90-storey Margaret Street tower which will include over 1,000 one to three-bedroom apartments with views across the Botanic Gardens and east towards Moreton Bay. At 274 metres in height, the tower would be among the tallest in the country behind only Q1 on the Gold Coast and the Eureka Tower in Melbourne, and the tallest building in Brisbane.

The campaign to pre-sell the apartments in the Margaret Street tower is gearing up with CBRE the appointed selling agent. The developers and CBRE will shortly unveil a new name and branding for the residential tower at an official launch later this year.

Mr Petschack said: “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.”

Located within Brisbane’s central business district, the project is on the southern edge of the CBD surrounded by the City Botanic Gardens, the Queensland University of Technology’s Gardens Point Campus, Queensland Parliament House and the proposed casino development. The residential site will also be supported by the new hotels in the precinct and is within close proximity to the premium ‘Golden Triangle’ commercial precinct.

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Warwick Petschack

AMP Capital through its Select Property Portfolio No.3, and the Galileo Group today announced the Sulman Penthouse, in the exclusive The Residence Hyde Park, had sold for $17 million to a private buyer.

This sets the new record as the highest price paid for a single apartment in Australia.

AMP Capital Select Property Portfolio Fund Manager Warwick Petschack said the unique nature of the development had resulted in the record breaking sale.

“The Residence Hyde Park is an award-winning residential development that has set new standards for luxury living.

“We are very pleased with the sale of the Sulman Penthouse, which is the eleventh high end apartment sold within the development this year alone,” Mr Petschack said.

The Sulman Penthouse is the pinnacle of luxury, with the main living, three bedrooms plus study and enormous wrap around terraces sprawling across one whole level. Above the living area is the private roof garden, separate kitchen, pool and spa, all providing panoramic views across Hyde Park, the Opera House and Sydney Harbour. The sale was brokered by Nigel Napoli, Divisional Director Savills Residential Projects.

Galileo Group’s Managing Director Neil Werrett said the sale was the result of intense interest in the apartment over the last month.

“This is arguably Australia’s most outstanding apartment and the buyer has secured a truly unique opportunity within the Sydney prestige real estate market,” Mr Werrett said.

Located at 18 College Street, next to Sydney Grammar School, The Residence features a concierge service and a range of facilities including a gym, 20 metre lap pool and temperature controlled wine room.

The Residence was completed in late 2012 and is one of Sydney’s most prestigious and sought after residential addresses. There are only two apartments still available, including the Archibald Penthouse which enjoys similar amenity to the Sulman Penthouse with three bedrooms, luxurious indoor/outdoor living areas and a private rooftop terrace featuring separate kitchen, pool and spa areas. The Archibald Penthouse is available for sale through co-ordinating agent CBRE’s Ben Stewart at a price of $16 million.

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