IT HAS been labelled one of Brisbane’s biggest commercial property deals, and was led by the managing partner of HoldingRedlich’s Brisbane office. ISPT’s recent co-purchase, with Lend Lease, of the city’s Central Plaza building puts the law firm’s client in a strong position in the Brisbane property market.
But for Holding Redlich itself, the deal was an opportunity to enhance its relationship with ISPT. The co-purchase was negotiated by ISPT and Michael Byrom, Holding Redlich’s Brisbane managing partner, who led the legal due diligence investigations.
“This was an important transaction at a number of levels,” said Byrom. He listed maintenance of the strict confidence of the purchase of the building at 345 Queen Street as key to the deal. But also, he said, it established some new relationships with the client’s legal and property team.
It also established a progressive reporting system that allowed those involved in the due diligence to be aware of critical issues as they arose.
Byrom said that this provided a sense of partnering in the deal rather than the traditional approach that lawyers take of investigating issues, reporting and providing technical legal advice for the client then to make decisions on.