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Byron Bay retail wins the day
A top-tier firm has advised on a majority acquisition of a Byron Bay shopping centre by Wingate from Azzura International Constructions.
Stefanie Garber
Firm: Herbert Smith Freehills (Wingate); Hickey Lawyers (Azzura International Constructions)
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Deal: Wingate acquired a 75 per cent stake in a multi-million dollar retail development.
Value: $70 million
Area: M&A
Key players: The Herbert Smith Freehills team effort was spearheaded by partner David Sinn, along with senior associates Adrian Jones and Paul Saward.
Deal significance: Under the deal, Wingate acquired the stake in the shopping complex to benefit investors in the recently established Wingate Byron Property Trust.
The Mercato on Byron Shopping Centre is an “unprecedented development approval for the town of Byron Bay”, according to Herbert Smith Freehills partner David Sinn.
“Located in the heart of the city, the precinct takes advantage of limited land space and this deal demonstrates the market’s appetite for premium, well-located retail assets,” he added.
Construction will start in early 2016, with Woolworths and Palace Cinemas signed on as anchor tenants.
The development will include a nine-screen cinema, several restaurants and an underground car park, according to a statement from Herbert Smith Freehills.
“Designed to reflect Byron Bay’s ‘subtropical beach town vibe’, the precinct will also provide locals and visitors with a recreation space,” Mr Sinn said.
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