ANZ has thrown its weight behind a new Queensland-based residential development in a bid to support Brisbane’s ailing residential market.
According to a report in The Australian Financial Review, the bank has agreed to give $130 million to the first stage of a West End development.
Queensland based projects have suffered over the past few months thanks to Suncorp’s decision to call in its $12 billion commercial loan book.
The project, a $500 million 230 apartment redevelopment of a three hectare site, is due for completion in 2012.
ANZ’s state director Matt Lawrence said the bank was happy to be supporting local infrastructure.
“We are open for business for good projects such as this, where the developer is experienced, well structured and capitalised and has a consistent record of project delivery,” Mr Lawrence said.