Herbert Smith Freehills has advised the Darling Harbour Live consortium on its successful bid to develop the Sydney international convention, exhibition and entertainment project, in Sydney’s Darling Harbour. Herbert Smith Freehills also advised Lend Lease in relation to a commercial redevelopment (with a projected end value of approximately $1.5 billion) of the land adjoining the convention, exhibition and entertainment precinct, made possible, in large part, by the reconfiguration of the areas comprising the event facilities.
The convention, exhibition and entertainment project will be delivered through a public private partnership (PPP) model between Darling Harbour Live and Infrastructure NSW, the agency managing the redevelopment on behalf of the NSW Government, and the Sydney Harbour Foreshore Authority (SHFA).
Herbert Smith Freehills advised the consortium and Lend Lease (in its capacity as commercial developer) throughout the competitive bidding process and continued negotiations with Infrastructure NSW and SHFA to complete the transaction, which was announced earlier today. Financial close is planned for late 2013.
The Darling Harbour Live consortium, previously known as Destination Sydney, includes Capella Capital, Lend Lease, AEG Ogden and Spotless, who together became the successful bidder to finance, design, plan, build, maintain and operate what will be Australia’s largest event facilities. Separately, Lend Lease was also successful in its bid to finance, design, plan and build the associated hotel and commercial redevelopment.
The precinct is a 20-hectare area that runs north-south from Haymarket through to Cockle Bay, and east-west from the CBD to Ultimo/Pyrmont. The project is unique with the largest exhibition space in Australia at 40,000 sqm including a 5,000 sqm event deck, the biggest total meeting room space in Australia, Sydney’s largest ballroom and state-of-the-art technology throughout, such as free wireless connectivity across all facilities and multiple free Wi-Fi hot spots in the public open space.
The southern portion of the commercial redevelopment will include a projected minimum 128,000 sqm of residential space (including dedicated student accommodation) and 15,000 sqm of office space, as well as associated retail, community and open spaces. Lend Lease will also design and construct a hotel complex intended to service the convention and exhibition centres.
Partners David Templeman and Erin Wakelin led a cross practice team in relation to the PPP project, with support from senior associates Anna Britten-Jones, Andrew Griffiths, Amelia Fleming and solicitor Chris Floreani.
Partner Greg Hing also led a cross practice team in relation to the commercial redevelopment, with support from solicitors Chloe Costas, Jordan Bookman and Peter FitzPatrick.
‘Darling Harbour Live will build Australia’s first fully integrated facilities to ensure Sydney secures the number one event location and undertake a major urban renewal project that will benefit the entire city,’ said Templeman. ‘The completion of this agreement with Darling Harbour Live is a major milestone on this complex PPP project and we look forward to working with all the stakeholders on the development of this exciting project.’
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