Deal profile | Gadens advises Cbus Property on financing of Newmarket, Randwick
4 March 2019
Gadens has advised Cbus Property on the construction financing of the three stage Newmarket residential development in the heart of Randwick, Sydney. Located six kilometres south-east of the Sydney CBD, the Newmarket development is over five hectares in size and will be an unprecedented lifestyle offering in Randwick.
The development will provide for 642 apartments, retain two heritage buildings and include approximately 2,300sqm of commercial and retail space and approximately 5,000sqm in parkland. The Newmarket Big Stables, which has been an integral part of Australia’s horse racing history, will also be dedicated to council to be re-invented as a public space for community use. The masterplan comprises 17 residential apartment buildings ranging from three to eight storeys to be developed in three stages.
Firms involved in the construction financing: Gadens (acted for Cbus Property) and Ashurst Australia (acted for ANZ as Financier)
Deal value: In excess of $300 million
Deal area: Banking & Finance
Practice groups involved: Banking & Finance
Key team members: Gadens partner Doug Scobie (Banking & Finance) led the team, assisted by Matthew Trinca (Senior Associate) and Harveen Dhaliwal (Lawyer).
Gadens partner Doug Scobie says:
“We are delighted to have assisted Cbus Property with the financing of such a historically significant development in Sydney. The landmark development at Newmarket Randwick is a major residential project in east Sydney, and it has been a fantastic transaction on which to work closely with Cbus Property.”