Global law firm K&L Gates has advised the vendors on the sale of Harbourside Shopping Centre in Darling Harbour, Sydney, for AUD$252 million to the ASX listed Mirvac Group.
The centre comprises three levels of retail and entertainment on approximately 20,500 square metres and has more than 300 metres of waterfront. The vendors bought the site in 2004 for $127 million.
Sydney-based corporate partner Rowan McDonald and property partner Jodie Masson advised the vendors, with assistance from lawyers Alison Wu and Ole Georgieva.
McDonald commented: “This is an exceedingly rare transaction for a prized Sydney location. The sale itself was complex due to it being executed as a share and unit sale rather than a property asset sale. The centre attracts more than 14 million people a year and therefore it is unsurprising to have achieved a great result for our client.”
According to media reports, the shopping centre was officially opened by Queen Elizabeth in 1988 in a $1 million ceremony that included a spectacular fireworks display. The centre still has 75 years left on its 99-year lease from the Sydney Harbour Foreshore Authority.
The sale is expected to be completed in January 2014.
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