LEND Lease hired Freehills as it formalised a $2.5 billion contract with the Royal National Agricultural and Industrial Association of Queensland to develop a Queensland showground.
One of the State’s largest urban renewal projects, the 15 year project will see Lend Lease develop up to 340,000 square metres of the 22 hectare showground site.
The site includes 145,000 square metres of commercial space, 8,500 square metres of retail space, and a 200 room hotel and more than 1,800 residental apartments.
“Lend Lease will ensure that the new Ekka precinct embraces the true urban heart of Brisbane while showcasing all that Queensland has to offer,” Lend Lease managing director and chief executive officer Steve McCann said in a statement.
The Freehills’ team was led by partner Christopher Blue supported by 19 lawyers from across the practice.
“This project will safeguard the RNA Showgrounds for future generations and will rejuvenate the site to create an exciting cultural and social destination,” Blue said.
The redevelopment will inject billions of dollars into the Queensland economy, Freehills said in a statement, as well as create approximately 2,000 jobs per annum over the development life of the project.
Stage One of the redevelopment will incorporate a major upgrade and replacements of current obsolete facilities, and will also include a substantial investment by Lend Lease in infrastructure, public domain and commercial, retail and residential uses in conjunction with developing part of the 22 hectares for an inner-city mixed-use development.
Freehills is assisting the developer, Lend Lease to negotiate transaction documents and provide detailed structuring and tenure advice regarding the redevelopment of the RNA site.