Brisbane City Council is suing the developer behind the $1 billion Vision tower for racking up nearly $500,000 in unpaid rates.
The result of a national design competition won by the Buchan Group, the 79-storey “vertical village” was slated to become the Brisbane’s tallest building. However, the project is currently no more than a stalled construction site on Mary Street and the developer has failed to keep up with its quarterly rates payment of $150,000.
Brisbane City Council formally filed a claim last week for money owing against Vision (Brisbane) Pty Ltd, a subsidiary of property developer Austcorp.
Today, the Bank of Scotland agreed to bail out the troubled property company with a loan for the outstanding payments plus an unspecified amount that could be used to restart construction on the site.
The 246-metre tower would become Australia’s third tallest skyscraper if completed. Facilities will include a retail plaza, an observation deck on levels 60 and 61, private residents’ lobby, business centre, meeting rooms and private theatre room.
The tower is to be developed on a 5500sqm site which spans a city block between Margaret and Mary Street in the CBD’s garden precinct. Austcorp bought the site in November 2003 for $24 million from Bloomberg Inc. Carr design will be responsible for the interior design.
