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Corrs, Blakes advise on first housing PPP

Corrs, Blakes advise on first housing PPP

CORRS CHAMBERS WESTGARTH and Blake Dawson Waldron have advised on Australia’s first public private partnership to deliver a government hou

CORRS CHAMBERS WESTGARTH and Blake Dawson Waldron have advised on Australia’s first public private partnership to deliver a government housing project.

Corrs advised Bonyrigg Partnership Consortium on its successful bid for the NSW Government contract to develop the $733 million Bonyrigg Living Communities Project. The consortium won the tender in October last year, with financial close reached on 20 April.

Blake Dawson Waldron advised the NSW Government on the project.

The consortium will redevelop a housing estate and build approximately 2,200 new public and private dwellings, as well as new parks and community facilities, in Sydney’s south-western suburb of Bonyrigg over the next 12 years.

The consortium will also provide the tenancy and facilities management services for a 30-year period.

Corrs’ work included leading the bid on behalf of the consortium, drafting consortium agreements and participating in negotiation sessions with the NSW Government.

The firm also prepared the debt and equity funding documentation, and the detailed construction, tenancy management and services agreements required for the project.

Trevor Danos, who led the Corrs team on the project for the past 20 months, said the deal was incredibly complex and challenging.

“It required the integration of deliverables and satisfactory risk allocation from the perspectives of banking, construction, development, facilities management and tenancy management services,” he said.

“Outstanding legal and client services were provided by a very large number of lawyers across our national offices. They collaborated seamlessly and worked very closely with our clients to ensure the successful delivery of this project.”

The consortium includes Westpac Institutional Bank, the Becton Property Group, St George Community Housing, which will manage all public housing at Bonnyrigg, and Spotless Group, responsible for maintenance of all public housing and facilities.

As well as the consortium, a separate Corrs team also advised Westpac, who structured and underwrote the debt and equity finance.

The core project team working with Danos included Justin Adam, Simon Ashworth, Tim Barton, Sophie Bobeff, Paul Brown, Christine Covington, Kieran Egan, Airlie Fox, Andrew Galvin, Jacqueline Girvan, Dixon Hearder, Frank Lawson, Jonathon Leek, Stewart Maciver, David Moore, John Munton, Patrick O’Grady, Andrew Pitney, Erica Simes, Paul Stacey, Anna Viiret, David Warren, Rachelle Wellard and Shawn Wytenburg.

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