King & Wood Mallesons has advised Brookfield on the $1.3bn Wynyard Place project.
The successful unsolicited proposal has taken more than 10 years to complete and will deliver a 27 storey office tower, including 74,000 square metres of commercial, retail and restaurant space, integrating Sydney’s light rail project.
“This has provided a stimulus for major infrastructure development and urban renewal projects that have been designed to meet demand for greater connectivity both within and between cities,” lead partner Felicity Savage told Australasian Lawyer.
“The development will provide major improvements for the public in the form of a new entrance to Wynyard Station from George Street and connecting the station with George Street and the new Light Rail line.”
Savage predicts a strong outlook for the property and real estate sector for the next 12 month period, saying capital flowing into the Australian market from Asia will keep the sector steady.
“A renewed commitment by government, at both Federal and State levels, to develop world class infrastructure to support the growth of Australia’s gateway cities, is a sign of strength,” she said.
“Another pillar has been the steady increase in the amount of foreign flowing capital into Australia’s real estate markets, particularly from Asia.
“Record levels of foreign investment in Australian real estate in 2015 have resulted in demand for Australian real estate assets remaining strong.”