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Elizabeth Quay land sale completed

Elizabeth Quay land sale completed

David Hugo, Herbert Smith Freehills

Two firms have advised on the sale of Lots 2 and 3 at Perth’s Elizabeth Quay for $85 million.

Firms: Herbert Smith Freehills (Western Australia’s Metropolitan Redevelopment Authority); MinterEllison (CA & Associates)

Deal: Western Australia’s Metropolitan Redevelopment Authority sold Lots 2 and 3 at Perth’s Elizabeth Quay to CA & Associates.

Value: $85 million

Area: M&A

Key players: The Herbert Smith Freehills team was led by partner David Hugo (pictured), with support from senior associates Kirstin Beedie and Miriam D’Souza. Partner Rowen Cross also provided finance advice.

Deal significance: Western Australia’s Metropolitan Redevelopment Authority (MRA) sold Lots 2 and 3 at Perth’s Elizabeth Quay to CA & Associates for $85 million.

The Lots form part of the WA government’s iconic Elizabeth Quay development project, which is on the edge of the Swan River in Perth’s CBD.

The area will be transformed into two towers, comprising approximately 300 residential and 170 short-term stay apartments, a hotel, a range of dining and retail options and an art museum.

The project is expected to begin construction in late 2017.

David Hugo said the team advised on all matters relating to the tender process and sale.

“We were delighted to act on this Elizabeth Quay land sale, helping to achieve a great outcome for the project and ultimately the state government,” Herbert Smith Freehills lead partner David Hugo said.

“When completed, this project will see tourists and locals able to experience fantastic accommodation, dining and entertainment options, all set against the spectacular backdrop of the Swan River.”

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