Russell Kennedy has advised the Department of Treasury and Finance (DTF) on the sale of North Wharf to the Riverlee Group (Riverlee).
Legal advisors: Russell Kennedy Lawyers (DTF) & Maddocks (Riverlee)
North Wharf is the 13,200 square metres of Crown Land on the north bank of the Yarra River between Spencer Street and Charles Grimes Bridge.
The site is the last remaining undeveloped site along this section of the Yarra River, Riverlee purchased the land for redevelopment as a mixed-use waterfront precinct. The precinct will have exclusive waterfront residences and Australia’s First 1 Hotel, complimented by a new riverside park.
The proposal for development includes restoration of a historic Goods Shed, refurbishment of the wharf and restoration of a historic crane. The development is to be known as ‘Seafarers’ and its design will be sympathetic to the site’s industrial past.
Public accessibility through the site will be a key feature of the proposed development.
The Russell Kennedy team was led by Special Counsel Michael Dowling (Property), with assistance from Principals Rosemary Southgate (Property) and Wai Hwoon Low (Property).
Russell Kennedy acted on behalf of the Assistant Treasurer on instructions from the Department of Treasury and Finance for the sale by issue of Crown Grant.
Russell Kennedy advised DTF on all aspects of the sale transaction, including a complex set of special conditions relating to the developers obligations concerning:
- restoration and maintenance of Goods Shed 5, the wharf and the crane;
- provision for public access across the site;
- developer contributions to a new city park; and
- a series of licence agreements necessary for the developer to be able to fulfil its ongoing obligations with respect to preservation and maintenance of the crane.
This deal has been covered by the Australasian Lawyer, here.
Further assistance:
For assistance regarding property transactions, please contact Michael Dowling from Russell Kennedy's Property Team.
If you would like to stay up to date with Russell Kennedy's insights, please sign up here.