ING Real Estate Waterfront City Development

While ING Real Estate has development rights over Melbourne’s $1 billion Waterfront City development at Docklands, the company (like the other developers at Docklands) operates in a highly regulated environment that includes an overarching project delivery/development agreement with the State agency, VicUrban.

The complex regulatory regime also specifies that certain types of development occur within a specific timeframe.

As key advisers to ING, Corrs has facilitated successful take out deals for stages of the project with third party developers that require bringing together all parties and managing complex issues and documentation while mitigating client risk.

Corrs is also advising ING on rectification strategies, contractual restructuring and potential claims by ING and others in relation to the Southern Star Observation Wheel. The wheel closed shortly after commissioning due to significant defects, and a key challenge is to implement a rectification solution that minimises disruption to surrounding retail and residential developments.

Green Square

Sydney’s Green Square project has revitalised an area of the inner city with 2000 apartments, retail and commercial developments and substantial public infrastructure. Corrs Chambers Westgarth is acting for a joint venture consortium comprising Mirvac Properties and Leighton Properties in relation to the AU$1.7 billion development to create the town centre.

Major residential developments

Leading developer Australand created Discovery Point, Clemton Park and the Botanica development a Lidcombe in New South Wales under advice from Corrs Chambers Westgarth. The Discovery Point project represents Sydney’s best off the plan apartment development in Sydney at the time of writing.