The Gurner-Qualitas partnership will invest $75 million of equity into the redevelopment project, also acquiring part-ownership in the precinct, alongside existing owner Newmark Capital. The ‘Jam Factory’ will be jointly redeveloped by the co-owners into a $1.4 billion mixed-use precinct, including a hotel, apartments and a smaller office component. Construction is expected to start next year and be completed in 2025.
The ABL team advising the Gurner-Qualitas partnership was led by partner Philip Chester, and included senior associate Dorian Henneron, lawyer Emma MacPhee and graduate Tamsen Kempster. ABL acted on all aspects of the deal, including the negotiation and finalisation of the transaction documents and legal due diligence on the site.
As reported by the Financial Review, GURNER™ founder, Tim Gurner, said: “We have the scale and location here to do something that is not possible on any other site in Melbourne…the destination will be highly sought-after by astute owner-occupiers.” Mark Fischer, co-founder and global head of real estate at Qualitas, added that the deal provided the opportunity to “bring together great real estate, nimble large-scale capital and market-leading development capabilities.”
Partner, Philip Chester commented: “We are pleased to have advised GURNER™ and Qualitas on this landmark acquisition and development deal.” Dorian Henneron also stated that “the milestone transaction presents a unique and exciting opportunity to revitalise the precinct and we congratulate GURNER™ and Qualitas on its finalisation.”
About Arnold Bloch Leibler
Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, private businesses, high-net-worth individuals and international corporations. The firm also has a dedicated public interest practice providing advice to charities and not-for-profit organisations relating to significant legal, social, environmental and cultural issues.