James Fielding Group has announced that James Fielding Trust and JF Meridian Trust have entered into a "Unit holders Deed" in relation to the development of land at Holden's historic site at 191-197 Salmon Street, Port Melbourne.
The “Unit holders Deed” contains a mutual option clause for the purchase of the other trusts interest in the property if, in the case of the James Fielding Trust, the responsible entity is removed or in the case of the JF Meridian Trust, the manager of the sub-trusts, or the responsible entity of JF Meridian Trust, is removed.
James Fielding Group advised that the parties have agreed upon the option clause because the complexity of and risks associated with the development require the parties to work closely together and to rely on the good offices of each other.
