Key transactions in $2bn Sydney project proceed with Holding Redlich advice

by |
Holding Redlich has helped the joint developers of the $2bn Central Park Sydney with two key transactions for the major urban renewal project.

The national law firm has advised Frasers Property Australia and Sekisui House Australia in the sale of two student accommodations, which included tackling titling, strata title, and student accommodation issues.

In April, Singaporean sovereign wealth fund GIC agreed to pay $400m for the two properties located in Chippendale, opposite of the University of Technology Sydney.

The Holding Redlich team that acted on the deal includes partners Vanya Lozzi, Scott Alden, and Cameron Sheather. Lozzi handled client relationship, Alden was the lead transaction partner, and Sheather tackled strata and titling matters. The team also included property senior associate Elly Ashley.

“This transaction was unique and had many complex issues particularly in dealing with two significant student accommodation assets and the associated legislative and regulatory issues associated with such assets at both commonwealth and state level. Dealing with almost 1,000 students and the residential tenancy legislation interface was certainly a very interesting exercise,” Alden said.

Holding Redlich also acted for the joint developers in the options agreement with Impact Investment Group for the sale of the hotel and commercial premises on Broadway, north of the Central Park precinct.

The premises, which includes the 297-room Four Points by Sheraton and the commercial premises of One Hundred Broadway, was sold for just under $190m.

The Holding Redlich team that acted on the sale included lead transaction partner Peter Nugent and corporate partner Darren Pereira. It also included Lozzi and Ashley.

“It was a very interesting transaction to negotiate because of the tie-in between the construction of the building, the establishment of the hotel business prior to completion of the contract, and then the actual sales of the separate components,” Nugent said. “The transaction was complex as it, in effect, involved a sale of an ‘off-the-plan’ operating hotel and was negotiated in the context of an existing operating agreement with Starwood, a subsidiary of Marriott International.”

Related stories:
North Qld’s largest privately owned stevedoring company sold
Dispute resolution and property experts make partner at national firm