Russell Kennedy has advised the Victoria’s Department of Treasury and Finance (DTF) on the sale of Melbourne’s historic North Wharf property to developer Riverlee Group.
The Russell Kennedy team was led by special counsel Michael Dowling (property), with assistance from principals Rosemary Southgate (property) and Wai‑Hwoon Low (property).
North Wharf is undeveloped Crown land on the north bank of the Yarra River. Riverlee purchased the land for redevelopment as a mixed-use waterfront precinct, with exclusive waterfront residences and a hotel complimented by a new riverside park.
The proposal for development also includes restoration of a historic goods shed, refurbishment of the wharf, and the restoration of a historic crane. The new development will be called “Seafarers” and its design will be based on the site’s industrial past.
Russell Kennedy acted on behalf of the state’s assistant treasurer on instructions from DTF for the sale by issue of Crown grant. The firm advised DTF on all aspects of the sale transaction, including a set of special conditions relating to Riverlee’s obligations concerning restoration and maintenance of the historic goods shed, wharf, and crane; provision for public access across the site; Riverlee’s contributions to a new city park; and series of licence agreements necessary for Riverlee to be able to fulfil its ongoing obligations with respect to preservation and maintenance of the crane.