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Corrs acts on social housing deal

Corrs acts on social housing deal

Corrs Chambers Westgarth is advising on a Port Phillip development in Victoria that will include the construction of 207 social housing units and 75 private units.

CORRS Chambers Westgarth is advising on a Port Phillip development in Victoria that will include the construction of 207 social housing units and 75 private units.

The Port Phillip Housing Association’s Ashwood Chadstone Gateway Project is the largest-ever development by the not-for-profit sector in Victoria.

As part of the deal with the Department of Human Services, the Association will also provide an additional 261 social housing units outside the Ashwood Chadstone Development.

Corrs provided advice on the review and the negotiation of the funding and development agreement and contracts for sale of land with the Department of Human Services, the firm said today.

It also advised on the review and negotiation of contracts for sale of land with private landowners, drafting and negotiating a number of development agreements, finance documentation and contracts for sale of land with private developers, and the review and negotiation of the design and construction contracts and tripartite agreements between PPHA and builders.

Partner Nathaniel Popelianski and senior associate Paul Carrick are leading the Corrs team, together with Andrew Pitney, Gillian Hohnen and Anna White.

Popelianski said: “The unique feature of housing development in the Not for Profit Sector is that a Not for Profit does not distribute profits to shareholders, it reinvests profits into more social housing development.

“This means that an allocation of Government funding for social housing projects results in the delivery of a larger number of social housing units than might otherwise be the case in the private sector,” he said.

Popelianski argued that these types of developments play an important role in increasing the standard of affordable housing, because Housing Associations are at the coalface of social housing issues.

“They acutely understand the need for greater investment in the sector and are fast developing expertise in the development and delivery of social housing projects. The Ashwood Chadstone Gateway Project is a prime example of the Not for Profit Sector applying hard edge business principles to deliver a major real estate development.”

Construction on a number of sites has commenced, with both the Victorian Government and PPHA contributing approximately $70 million each to the project.



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Corrs acts on social housing deal
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