CORRS CHAMBERS Westgarth has successfully advised Mirvac Group, in a joint venture with AustralianSuper, on its acquisition of a landmark Melbourne CBD site from ABN AMRO Australia, which will complete the Southern Cross Station redevelopment.
The redevelopment of the site at 664 Collins Street, with the construction of a $250 million office building on a 7,051 square metres elevated development platform, is forecast for completion by mid-2010. C
orrs assisted Mirvac and AustralianSuper to finalise arrangements for the acquisition of the company established by ABN AMRO to hold the site's development rights.
The deal required a thorough analysis and assessment of the development risks arising from the special nature of the site above the railway infrastructure at Southern Cross Station and the interrelationship of the site with the other components of the Southern Cross Station Redevelopment Project. This included a comprehensive due diligence on the project agreements under which the company holds the site's development rights, the site's interrelationship with rest of the project, and assisting on the due diligence to establish that the development platform would be suitable for the construction of an office building.
The Mirvac Project Team, including Greg Collins CEO of Mirvac Development in Victoria, development directors Richard Altson and Scott Miller, and development manager Mark Delaney, worked tirelessly to analyse the commercial and technical risks and to engage with the relevant Victorian Government authorities with a stake in the railway infrastructure at Southern Cross Station.
Collins said "the acquisition of this strategic site is well timed to capitalise on the strengthening Melbourne office market [and] in line with Mirvac's objective of significantly increasing its non-residential development pipeline."
The Corrs team acting on the transaction, which advised on a range of property, planning, corporate and tax matters, included Randall Gerkens, Paul Lewis, Aarti Nandan, Beth Crilly, Rhodie Anderson, Craig Milner and Dixon Hearder.