find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Goldfields House goes for $274 million

Goldfields House goes for $274 million

MULTIPLEX GROUP sold Goldfields House in Sydney for $274.1 million to Valad Property Group, as announced 26 June. Multiplex, an integrated property group with operations in construction,…

MULTIPLEX GROUP sold Goldfields House in Sydney for $274.1 million to Valad Property Group, as announced 26 June. Multiplex, an integrated property group with operations in construction, development and property funds management, had been plagued by problems with Wembley Stadium, one of its key projects in London, and its recent share dip. But this sale has been considered a coup.

Deacons, which is a tenant of Goldfields House, acted for Multiplex Group. Partner Lexia Wilson of Deacons’ property group led the team of three. Solicitor Katherine Watson worked on due diligence, supervised by senior associate Catherine Bray who also helped Wilson with the contractual negotiations.

“We did a short due diligence period of three weeks — it was a tight time frame as the client wanted to get it tied up before 30 June, so there was a tremendous amount to do. In the end we had it done with a week to spare.”

The team, which works together often, has a good synergy going, said Wilson, who also said it was her personal preference to work with a small team as it can be more efficient, and better at fast turnaround. “It’s better to have a small amount of people knowing a lot, than a lot of people each knowing a little bit of the matter. If a question comes up, I may not have the answer myself but I know where we can find the answers.”

Wilson added that clients often prefer dealing with a smaller team to being sent a bill with names on it that they don’t even recognise. “Our client had contact with all three of us, and they know that if they ring one of us up with a question, we’ll be able to get the answer to them.”

It often happens, in the sale of buildings in Sydney, that documents aren’t in perfect order, said Wilson. “Issues arise with missing documents. That’s all in a day’s work. You will be in the middle of a transaction and tenancy agreements may change, and you have to manage that.”

This time, there was extra work to do because Multiplex Property Trust had acquired the building, not as property on market, but as part of Ronin Trust, which it had acquired for $1.3 billion in 2004. “At the time [of acquiring the trust] they hadn’t done proper due diligence, so there was a lot of work needed to get the records necessary for the sale. We needed to do a mini due diligence beforehand,” said Wilson.

Bronwyn Badcock and Les Koltai of Blake Dawson Waldron acted for Valad.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Goldfields House goes for $274 million
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 23 2017
Education a passion for YL president
Promoted by University of Melbourne. Melbourne Law Masters student Phoebe Blank is successfully j...
Crowd
Nov 23 2017
Anti-radicalisation programs playing ‘second fiddle’ to terrorism laws
Several academics have questioned the balance between Australia’s counterterrorism legislation and...
 William Ah Ket
Nov 23 2017
‘Bamboo ceiling’ thought piece wins inaugural law prize
A paper that explores the idea of affirmative action to achieve greater diversity among members of A...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...