PERTH PROPERTY developer Saville Australia, in joint venture with Babcock & Brown, purchased the former Emu Brewery site from the receivers of the recently collapsed Westpoint group this month. Costing $46.5 million, a $1 billion redevelopment is planned for the site.
The head of Minter Ellison's finance services group, and soon to be managing partner in Perth, John Poulsen, along with solicitor Gehann Perera, acted for Babcock & Brown on the deal and for both Babcock and Saville as project lawyers.
The unique west-end redevelopment is expected to include two office towers, one residential tower, restaurants, a boutique brewery and a mix of high and low-rise residential accommodation. “I expect it will take off, because it is one of the last remaining vacant sites with dual use capability,” Poulsen said.
“It will create a new hub at the west-end of the city, because of its combination of office, residential and retail.”
Approval is being sought from the City of Perth, the aim being to erect the office buildings as quickly as possible to take advantage of the huge demand for premium office space in Perth, in part fuelled by the State’s burgeoning resource-based economy.
Eight major tenders were issued when Westpoint’s receivers went to the market in March 2006.
Babcock and Minter Ellison had less than three weeks to finalise between tender and settlement. Poulsen said the hectic speed of the transaction kept “me and my team running at a million miles an hour”.
“It was sold by the receivers of Westpoint under a tight and very competitive deadline.”
Poulsen said he greatly appreciated the positive attitude of all the parties involved in the transaction. “Everyone was very co-operative, working together for the common aim.
“It’s delightful when it happens, when you have a focused team, all looking after their respective interests, but looking at getting the right commercial outcome.”