Banking & Finance Partner Phil Chester and Special Counsel Damien Cuddihy, together with Property & Development Senior Associate Stephanie Campbell, advised on the structuring of the transaction and drafted and negotiated documentation of behalf of Gurner™.
Property & Development Partner Jonathan Caplan reviewed and negotiated the documentation on behalf of the Barana Group (the site’s current owner and Gurner™’s development partner) and Alceon (Gurner™’s finance partner for the project).
Tim Gurner told media about Gurner™’s plans for the development: “Our vision will be to create an ultra-luxury experience encapsulating six-star resort service and amenity to rival the best hotels in the world, delivered within a residential setting.”
Further commenting on the significance of the beachfront site, Tim Gurner said: “St Kilda is undergoing a major revitalisation with a number of significant redevelopments underway that will place it firmly on the map as an international tourist destination, just as LA’s Venice Beach, Sydney’s Bondi Beach and Monaco’s coastline are known around the globe.”
Greg Shand from the Barana Group told The Urban Developer that the decision to redevelop the site was made possible by the development partnership with Gurner™ and Alceon: “We do not take the decision to press the button to proceed to redevelop lightly and were only prepared to do so because of the skills and the vision that our partners have brought to the table.”
ABL Partners Phil Chester and Jonathan Caplan congratulated all clients involved: “There were a lot of moving parts in terms of the legal aspects of this transaction and our teams were very pleased to be involved. This is an exciting project and a great outcome for all parties.”
Last year, ABL advised Gurner™ in relation to its $600m residential development and mixed use project in Fortitude Valley, Queensland (click here to read more).