find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Maddocks tailors WTC deal

Maddocks tailors WTC deal

Melbourne and Sydney-based law firm Maddocks advised on the $112 million purchase of the World Trade Centre (WTC), which looks set to be the largest property transaction in Melbourne this…

Melbourne and Sydney-based law firm Maddocks advised on the $112 million purchase of the World Trade Centre (WTC), which looks set to be the largest property transaction in Melbourne this year.

Settlement took place at the end of July after months of intensive work on due diligence, negotiations, structuring and completing the acquisition of the majority of the WTC, on behalf of its client Asset 1. The property investment company purchased the WTO from Malaysian-backed Lang Australia in a deal underpinned by Macquarie Bank.

Maddocks senior development and investment partner David Rennick led the team, which was comprised mostly of property lawyers but also included commercial, tax, banking and finance lawyers. Rennick said the transaction was broken into segments and responsibility for each part was given to a member of the team, resulting in the deal running more smoothly and quickly.

Rennick said the fact that the WTC comprised a number of separate but related buildings added complexity to the deal. “Our client was purchasing two of those [buildings] and another party came in to take the third. The complexity arises from the connection between the buildings and the reliance on services and management functions between the buildings,” he said.

“We have a very substantial practice in master plan community type development work and this transaction is really another part of that practice, where we were putting together various parts of a project and coming up with solutions for our clients.” He said the firm tailored the principles of master plan communities to the WTC deal.

Asset 1 views the WTC property as a long-term investment and would undertake extensive redevelopment, particularly of the retail areas, Rennick said. The WTC, located on the Yarra River next to the Docklands precinct, is a large complex bounded by the river and Flinders Street, made up of five interlinked office buildings and a large car park across three lower levels.

Key tenants include the Victoria Police and the Melbourne 2006 Commonwealth Games organisation. SAITeysMcmahon purchased the Victoria Police headquarters. They were represented by Donaldson Trumble; Mallesons Stephen Jaques represented Macquarie Bank, Wisewoulds represented the vendors and Gadens represented Asset 1’s financier.

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

Maddocks tailors WTC deal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
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 & ...