AMP Capital’s Brisbane CBD build
AMP Capital's investment property offering, the AMP Capital Select Property Portfolio No.3, has begun construction on a new property in the Brisbane CBD.
The company announced construction had begun at 111 Mary Street, Brisbane after forming an equity joint venture with Billbergia.
AMP Capital Select Property Portfolio Fund Manager Warwick Petschack said the fund now holds a majority interest in the former Vision site.
The site has development approval for a 35,000-square-metre A-grade office building in one tower, and a 400-room ‘5 star' hotel along with a further 850 apartments in a second mixed-use tower.
AMP Capital is working with Billbergia on a revised design of the mixed-use tower to enable construction to commence earlier than expected.
"This is a solid investment opportunity for our investors," Petschack said.
"Our view is that demand from tenants and institutional investors for new A-grade office space in the Brisbane CBD will continue to remain strong. Combined with this, 111 Mary Street is likely to be the only new A-grade office building capable of being delivered in 2015."
The AMP Capital and Billbergia relationship is proving to be a successful partnership, with a separate project at Wentworth Point in Sydney ahead of schedule.
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