subscribe to our newsletter sign up
Qube and Target reach development agreement
Exclusive
Sparke Helmore picks up Curwoods partners:

Qube and Target reach development agreement

Agreement

Qube Holdings and Target Australia have been advised on an agreement which will see a new purpose-built warehouse and office facility developed over two years.

Firms: Norton Rose Fulbright (Qube Holdings Limited); Lander & Rogers (Target Australia)

Deal: Qube Holdings has been advised on its agreement with Target Australia for the development and leasing of a new warehouse and office facility at Moorebank Logistics Park in New South Wales.

Value: Confidential

Area: Projects, real estate

Key players: Norton Rose Fulbright special counsel Deanne Ogilvie led the negotiations for Qube Holdings, with support from partner Peter Trevaskis.

The team were assisted by the firm’s occupational health and safety team, under partner Aaron Anderson; corporate team, under partner Keira Brennan; and banking and finance team, under partner Mitchell Mathas.

Deal significance: This transaction will see Qube Holdings develop and lease a new purpose-built warehouse and office facilities at Moorebank Logistics Park in early 2019, with the term of lease set for 10 years plus options.

According to a statement from Norton Rose Fulbright, Moorebank Logistics Park will be the largest intermodal logistics precinct in Australia.

“The intermodal facility will substantially alleviate increasing congestion at Sydney’s major sea port at Port Botany and surrounding road network, and deliver substantial economic benefits to NSW,” the statement said.

“The firm also assisted Qube in reaching agreement with Target Australia for the provision of logistics services from Port Botany to the Moorebank site for five years plus options, which when combined with the lease for the premises will provide a fully integrated warehousing and logistics solution for Target Australia.

“The development received planning approvals from both the NSW and federal governments between 2014 and 2016, and works began in August 2016 to prepare the site for construction. The freight precinct will include the development of 241 hectares of land in Sydney’s western corridor to process initially 250,000 and ultimately more than a million import-export freight containers per year. It will also process up to an additional 500,000 domestic freight containers and contain up to 850,000m2 of warehousing.”

Speaking further of the matter, Norton Rose Fulbright global head of real estate Peter Trevaskis said the firm’s advice included negotiating and drafting the heads of agreement; agreement of the lease between Qube and Target Australia; and negotiating and drafting the logistics services agreement between Qube and Target Australia.

“We have been closely involved with the Moorebank Logistics Park project for many years and have worked alongside Qube to assist it to move to the delivery phase of the project,” Mr Trevaskis said.

“This deal marks a significant milestone for our client and we are very proud to be involved.”

Qube director of strategic assets division William Hara said he was pleased with the advice offered by Norton Rose Fulbright on this matter.

“Norton Rose Fulbright, which has been assisting us on the Moorebank Logistics Park project from the outset, understands our commercial drivers and worked closely with us to help us secure Target Australia as our first major build-to-lease commitment. Its support in achieving this milestone has been invaluable,” Mr Hara said.

Promoted content
Recommended by Spike Native Network