Frasers Property Australia (Frasers), the Australasian division of international property development company Frasers Property, will join with Japanese property developer Sekisui House to deliver a world-leading urban village at the southern end of the city's CBD.

The $2 billion, 5.8 hectare mixed-use Central Park site will comprise 1900 apartments, student housing, a hotel, a retail precinct and a commercial office campus upon completion. It will also include key heritage buildings which are being preserved.

Sydney-based Allens partners Alan Maxton, Mark Stubbings and Tony Sheehan led the Allens team advising Frasers on the transaction, along with senior associates Andrew Selim and Sharon Heffernan.

Holding Redlich partners Neville Allen and Carolyn Chudleigh, and senior associates Mark Pezzano and Vanya Lozzi, acted for Frasers on due diligence aspects and FIRB requirements necessary for the joint venture deal.

Blake Dawson acted for Sekisui House.

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Frasers' Singapore-based parent company, Frasers Centrepoint Limited, is currently involved in similar joint ventures with Sekisui House on other projects in Singapore and this joint venture represents an extension of that relationship into Australia.

Under the terms of the joint venture, Frasers will continue as development manager, project manager and sales and marketing manager for the project. According to Frasers, the park is likely to open in early 2012.