Herbert Smith Freehills has advised Lend Lease on its recent appointment to develop the AU$1 billion Waterbank Precinct urban renewal project in East Perth, Western Australia, as part of Metropolitan Redevelopment Authority’s (MRA) Riverside Project.
The development will include 600 residential apartments, nearly 20,000 square metres of commercial office space and substantial retail space, as well as a town Square, Hay Street Pier and a riverfront promenade on the Swan River. The development will also include foreshore restoration and sustainability elements for efficient water management and improved ground and river water quality. Construction of the development will begin in 2014 with the aim to complete by 2021.
Christopher Blue led the Herbert Smith Freehills team advising Lend Lease. He was supported by partners David Hugo and Justin Pelly and senior associates Tim Mathers, Shaun McNaught and Adam Jeffery.
Commenting on the transaction, Blue said “This was an exciting transaction to advise on, as it establishes a significant presence for Lend Lease’s business in Perth. Waterbank is a $1 billion development for Lend Lease and is destined to become an iconic location as the gateway to the Perth CBD,”
“The nature of the site and MRA’s requirements created a range of complexities to be managed in the Project Development Deed and we are pleased to have been able to assist Lend Lease to grow its business in the Perth market.”
The transaction was complicated by the need for MRA to carry out significant surcharging to the site before Lend Lease is able to commence its development. This had a number of impacts on the Project Development Deed that had to be managed to ensure the appropriate risk allocation between MRA and Lend Lease.
Development of the site is due to commence in 2014, once MRA has completing the surcharging work at the site.
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