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ABL advises Charter Hall and VFMC on new Burnley development

Banking & Finance, Property & Development
Melbourne birds eye view
Arnold Bloch Leibler has advised property investment manager Charter Hall Group (Charter Hall) and joint venture institutional wholesale partner Victorian Funds Management Corporation (VFMC) in relation to the acquisition and construction financing for its new development in the Melbourne inner-city suburb of Richmond.

The ABL team was led by Banking & Finance partner Stephen Sharp, supported by lawyer Crosby Radburn advising on all aspects of the deal.

As part of the new joint venture, Charter Hall and VFMC have secured a 10-year pre-lease agreement with Australia Post as the anchor tenant for its $480 million office development located at 480 Swan Street, Richmond. The development – set to start construction immediately – will include 32,000 sqm purpose-built office space over 12 levels, including 1,000 sqm of retail on the ground level.

In Charter Hall’s announcement, chief investment officer, Sean McMahon, said: “480 Swan Street is set to be a transformational project for the Burnley precinct, with a significant upgrade to the office offering in the area as well as improvements to the surrounding infrastructure, which will benefit the local community.”

Stephen Sharp commented on the deal: “We are delighted to have advised Charter Hall and VFMC on this milestone transaction, which presents an exciting opportunity to reinvigorate the Burnley precinct and we congratulate the team 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.

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