Corrs Chambers Westgarth, Australia’s leading independent law firm, has acted for Frasers Property Ltd, lead member of the successful Aspire consortium and the appointed developer of Ivanhoe Estate, Australia’s largest social and affordable housing redevelopment project.
The NSW Government has announced the Aspire consortium, which includes development partners Frasers Property Australia, Citta Property Group and community housing partner, Mission Australia Housing, as the successful tenderer for the landmark Ivanhoe Estate development.
The Ivanhoe Estate, off Epping Road in Sydney’s northern suburbs, will be developed into an integrated community of around 3,000 homes, including at least 950 social housing units and 128 affordable rental units over the next 10-12 years. These social housing units will be managed by Mission Australia Housing.
The Ivanhoe development is the first major project that will be delivered under the NSW Government’s Future Directions for Social Housing in NSW strategy and Communities Plus redevelopment program. The project will be delivered in stages, with work expected to start in late 2017. The first stage will include the replacement of the existing 259 social housing units and is expected to be completed three years after development approval.
Corrs acted for Frasers Property in its Expression of Interest in the project and the negotiation of transaction documents relating to the development of the social, affordable and private housing aspects of the development. Corrs’ multidisciplinary team worked across a range of areas in the consortium’s tender, including property, planning and environment, construction and finance.
The Corrs team was led by Senior Associate Natalie Bryant and Partner Nathaniel Popelianski. Other Partners and Special Counsel involved included Andrew Chew and David Warren (construction), Brad Husband (banking and finance), Kirsty Davis and Louise Camenzuli (environment and planning) and Heran Kim and Rhys Jewell (tax).
According to Partner Nathaniel Popelianski, “The Ivanhoe Estate development is a prime example of the NSW Government inviting innovation and working collaboratively with the private sector and community housing associations to deliver great community outcomes with new social housing stock. This is a model that we expect will gain attention by other Governments around the country.”
For further information, please email Glenn Taylor or contact by phone on +61 2 9210 6593.