Sydney suburb launches a new city centre
Dentons has guided the Penrith Council in inking a deal that will transform the Union Road Carpark into a new city centre in the growing Western Sydney metropolitan area.
The world’s largest law firm advised the council on its project delivery agreement with Frasers Property Australia. The property group was advised by King & Wood Mallesons.
The Union Road precinct, which covers 1.94ha, will have six residential buildings with up to 1,406 apartments and a council-owned public carpark with up to 1,000 additional spaces. The precinct will also host retail establishments, childcare facilities, a public plaza, and landscaped communal areas.
Dentons said that it advised on all aspects of the deal with integrated advice on real estate, construction, planning, banking, stamp duty, and GST. The deal will completely transform the Penrith CBD and help create an inner-city lifestyle in an increasingly important and growing metropolitan area, said Steve Healy, Dentons’ Australia region CEO.
“The deal negotiations ran over approximately 12 months and included a highly complex project delivery agreement and strategic advice on various issues,” he said. “Being able to put together a Dentons team with a breadth of expertise meant that we could advise Penrith Council on all facets of the deal.”
Healy jointly led the Dentons team with director Rebecca Mercer. Planning and environment partner Jodie Wauchope, construction partner Marcus Graham, banking partner Tim Lipscombe, and corporate partner Cameron Steele also provided expert advice.
