Directors seek additional funding for Vision Property Development in Brisbane and appoint Voluntary AdministratorsDOWNLOAD
15 January 2010 – The directors of the Vision Group have today appointed Deloitte partners, Chris Campbell, Simon Cathro and John Greig as Voluntary Administrators of Vision (Brisbane) Pty Limited and Vision Developer (Qld) Pty Ltd.
Deloitte partner Chris Campbell said, “The directors have advised they are negotiating funding to complete the Vision development. I understand those negotiations are continuing.”
“As the negotiations have taken longer than anticipated the directors have appointed Administrators to preserve the assets for the stakeholders and to provide more time to secure the funding.”
“The appointment will allow an orderly sale of the assets by the Administrator.”
“We understand that the construction site is currently being maintained under contracts with the builders. We intend to continue to utilise the builders in this capacity,” said Mr Campbell.
“For investors who have pre-sale agreements and who have placed deposits on apartments, we have been advised that deposit monies are being held independently by non-related parties. We will seek to confirm this position. The deposit funds are not available to the Administrator and can only be released in accordance with the sale documentation.”
The companies are those associated with the landmark $1bn development of a 5,478 sqm site fronting Mary and Margaret Streets in the Brisbane CBD. The planned development is a mix of office, retail and residential space and would create the tallest building in Brisbane. Originally scheduled for completion in May 2012, the 79 storey Vision design includes basement car parking, three levels of retail, 15 levels of office space, two observation decks and 53 levels of residential apartments.
Further enquiries by investors and creditors can be directed by email.
For further general information on the voluntary administration process, please refer to: ASIC Insolvency Info Sheets.
For further information: (Media only, no creditor enquiries please)
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