LAWYERS Herbert Smith Freehills has advised Lend Lease on its recent appointment to develop the $1 billion Waterbank Precinct urban renewal project in East Perth, Western Australia, as part of Metropolitan Redevelopment Authority’s Riverside Project.
Christopher Blue led the team advising Lend Lease, he was supported by partners David Hugo and Justin Pelly and senior associates Tim Mathers, Shaun McNaught and Adam Jeffery.
Blue said this was an exciting transaction to advise on, as it establishes a significant presence for Lend Lease’s business in Perth.
“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,” Blue said.
The development will include 600 residential apartments, nearly 20,000 sqm 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.
Property Review
