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Brisbane’s $3bn Queen's Wharf resort finds investors
Three firms have advised on the development of a major tourism hub in Brisbane.
Felicity Nelson
Firms: HWL Ebsworth (Far East Consortium International Ltd and Chow Tai Fook Enterprises Ltd); DLA Piper (Echo); Corrs Chambers Westgarth (Queensland Government)
Deal: Far East Consortium International and Chow Tai Fook Enterprises made a 50 per cent combined investment in the Destination Brisbane Consortium (DBC). DBC just reached contractual close on the development agreements for the Queen's Wharf integrated resort in Brisbane.
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Value: $3 billion
Area: Government/Finance
Key players: Melbourne partner Stephen Kerr (pictured) led the team from HWL Ebsworth, which also involved partner Teresa Torcasio and senior associate Paul Lewis.
DLA Piper’s team included David Harley, Lyndon Masters and Matthew Parkinson.
Corrs Chambers Westgarth's team was led by partners Daryl Clifford and Peter Schenk. Michael Leong, Rhys Jewell, Andrew Mackenzie, Stephanie Daveson, Eddie Scuderi, Tim Allen and Clare Corke were also involved.
Deal significance: The Queen's Wharf development will create an integrated resort and tourism hub, which comprises both a casino and residential towers, as well as associated public infrastructure, such as a bridge and riverside foreshore improvements. The project is still subject to planning approvals and legislative amendments.
The site will contain around 1,100 premium hotel rooms and a residential component of around 2,000 apartments.
According to a release by HWL Ebsworth, the project is intended to create an integrated resort offering for Brisbane, which will compete with other major international destinations, including Singapore and Macau.
Echo Entertainment Group Limited (now renamed The Star Entertainment Group Limited) is the other partner in the syndicate, holding a 50 per cent stake in the venture.
The role of HWL Ebsworth's lawyers included in advising on probity clearances for Far East Consortium and Chow Tai Fook and their respective associates. HWL Ebsworth also advised on management conducted by the Office of Liquor and Gaming Regulation (Qld), and on contractual and ownership relationships within the Consortium, including equity subscription agreements, security holders agreements, and the structuring of the documents in light of the Hong Kong Stock Exchange requirements.
The construction phase is subject to the passage of legislation and development approvals, however it is expected that construction of the project will commence in 2017 with the Integrated Resort expected to open in 2022, according to a release from Corrs Chambers Westgarth.
Corrs Chambers Westgarth lead partner Peter Schenk said: “Now that contractual close has been reached, all parties can focus on ensuring the successful delivery of this significant project”.
