Ex-Olympian’s luxury building set for completion

Ex-Olympian’s luxury building set for completion

A former Olympic swimmer who’s developing a multimillion-dollar block of luxury apartments by the Brisbane River has set a date for first residents to move in.

The Virtuoso building in West End is being developed by Stockwell, a family business set up by the parents of 1984 Olympian Mark Stockwell, who was also an elite Commonwealth Games swimmer for Australia as well.

Construction of Virtuoso — named because it stands on a site that was “once the home to the Queensland Symphony Orchestra” — began in May 2017, with the initial completion date set for the end of 2018.

“We expect construction to be complete in early April and they (residents) will be moving in through April,” Mr Stockwell said.

Around 100 workers were on site for final completion, he said.

“They’re going to install some screens (this week). Once that’s in, (scaffolding) will start dropping.”

Mr Stockwell said an enquiry by the Australian Securities and Investments Commission did not hold up construction of the project.

The firm last year faced down corporate fraud allegations by a former employee over the Virtuoso Investment Trust — a fully subscribed vehicle through which Stockwell Funds Management was to raise up to $17.3m from wholesale investors, with a forecast return of 15 per cent per annum over a 24 to 36 month investment term.

The Trust’s aim was to give Stockwell finance to develop and build the Virtuoso Riverfront Apartments in West End.

“That enquiry we had from ASIC — it wasn’t an investigation but an enquiry — didn’t have an impact on the project or the building. That’s all cleared, and done and dusted, and they’re happy,” Mr Stockwell said.

The Courier-Mail reported in September last year that ASIC had sent the firm a letter stating that “based on information received to date, we will be taking no further action” over the allegations.

The majority of the 77 apartments set for the development were now sold, Mr Stockwell said.

“We’ve got about 10 left which are beautiful.”


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