Deal profile | Gadens acts for Cbus Property in $1b Melbourne opportunity
29 March 2018
Gadens has acted for Cbus Property, the superannuation fund-backed developer, on the purchase of the coveted development site on the corner of Bourke and Queen Streets, Melbourne.
The purchase represents a $1 billion plus development opportunity in the centre of Melbourne CBD, giving Cbus Property approximately 3,000sqm on which to create a high-end mixed-use project.
Cbus Property now has an existing development approval in hand and will look to formulate further plans across the overall site. The combined landholding will transform the city block close to Bourke Street Mall and put Cbus Property in an ideal position to ride the next wave of Australia’s office development cycle.
Gadens was engaged to undertake comprehensive legal due diligence on the four properties, advise on related legal issues associated with the acquisition and negotiate the terms of the sale agreements with the three vendors.
Firms involved: Gadens (Cbus Property)
Deal value: Approximately $1 billion+ development opportunity
Deal area: Property
Practice groups involved: Property
Key players: Gadens partner Andrew Kennedy led the team. Other lawyers involved in the matter include partner, Mark Poustie (Property) in addition to senior associate, Janine Perry (Property) and associate, John Darmanin (Property).
This purchase completes the acquisition by Cbus Property of four parcels of land from three vendors, allowing Cbus Property to own and control what is seen to be one of Melbourne’s most coveted development sites. The acquisition presents the opportunity for yet another $1 billion-plus development opportunity to contribute to Melbourne’s spectacular skyline. The purchase follows Cbus Property’s most recent CBD based mixed-use office, residential and hotel development at 447 Collins Street, Melbourne.
Gadens partner Andrew Kennedy says:
“We are pleased to have been able to assist Cbus Property to further expand its portfolio within Melbourne’s CBD. This was a fantastic transaction to work closely with Cbus Property on, as the matter involved a number of complexities which has brought together the wide range of skills and expertise that is available within Gadens in Melbourne. We look forward to working again with Cbus Property on their future projects.”
For more information, contact:
Partner, National Head of Property
T: +61 3 9612 8265
M: +61 419 303 615
Head of Business Development and Marketing
T: +61 3 9612 8285
M: +61 415 500 753