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Multibillion-dollar project to hit emerging Qld hotspot

Multibillion-dollar project to hit emerging Qld hotspot

Kristan Conlon

One of Australia’s largest residential property developments in recent times is underway.

Firms: McCullough Robertson (R&F Properties); King & Wood Mallesons Brisbane (Etone Australia Holdings); King & Wood Mallesons Melbourne (Springfield Land Corporation).

Deal: R&F Properties has been advised on its agreement to partner with Etone Australia Holdings (Etone) and Springfield Land Corporation (SLC) to deliver a major medium-high density apartment project at Greater Springfield.

Value: The end value is estimated at over $6 billion.

Area: Real estate

Key players: The legal team advising R&F Properties was led by McCullough Robertson real estate partner Kristan Conlon, with assistance from real estate senior associate Marianne Lloyd-Morgan and real estate lawyer Joel McAndrew.

McCullough Robertson planning and environment partner Stuart Macnaughton, banking and finance partner Peter Stewart and corporate senior associate Tiffany McLean were also involved in aspects of the deal.

Deal significance: R&F Properties is a Chinese development and investment group.

Its partnership with Etone and SLC will deliver a major medium-high density apartment project at Greater Springfield.

The residential development, to be known as Central Gardens, will be adjacent to the rail station and transit hub in the heart of Greater Springfield and will comprise approximately 10,000 apartments plus ancillary commercial and retail space.

Approximately $12.7 billion has been invested in Greater Springfield so far and the emerging city is attracting approximately $600 million in construction expenditure per year. Total investment on completion is expected to be in excess of $85 billion.

“Central Gardens accelerates the growth of Greater Springfield, an alternative to the Brisbane CBD, by providing new housing and work choices for our diverse and growing community,” SLC chairman Maha Sinnathamby said.

“Greater Springfield is already one of Australia's fastest urban growth regions and this significant project will bring many opportunities for our community and commerce base to grow and prosper here.

“Approximately 2,187 direct and indirect jobs are expected to be created during the life of the project.”

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Multibillion-dollar project to hit emerging Qld hotspot
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