Sydney, 9 December 2013: The revitalisation of Darling Harbour is another step closer to being realised, with the Darling Harbour Live (DHL) precinct project reaching financial close on 5 December – another significant project milestone for Clayton Utz and our clients, Infrastructure NSW (INSW) and Sydney Harbour Foreshore Authority (SFHA).
Clayton Utz was appointed in August 2011 as primary legal advisers to SFHA, and then to INSW, on the circa $1billion DHL precinct project. The project involves expanding and enhancing Sydney's existing international convention, exhibition and entertainment complex, including developing new facilities and refurbishing existing facilities across the Darling Harbour precinct.
The DHL precinct project is unique in involving the interface of a Public Private Partnership (PPP) structure for the Convention, Exhibition and Entertainment components. It will feature a major new hotel within the North Darling Harbour precinct, and a significant new mixed use development in the south precinct of Darling Harbour, involving substantial new residential, retail, commercial and public domain built form.
When delivered, the DHL precinct project will provide Sydney with world-class facilities for a diverse range of convention, exhibition and entertainment events.
A multidisciplinary Clayton Utz team, led by Real Estate partner Gary Best and Construction and Major Projects partner Stuart Cosgriff, has advised on the project from its inception: from the procurement process to the formal awarding in December last year of the project contract to the Darling Harbour Live consortium. The Darling Harbour Live consortium comprises Lend Lease, Capella Capital, AEG Ogden and Spotless.
Commenting on this latest project milestone, Stuart Cosgriff said: "The Darling Harbour Live project is a landmark project for Sydney that will play a significant part in the revitalisation of Darling Harbour. We have enjoyed the opportunity to bring our significant experience in large, complex infrastructure PPPs and commercial developments to support our clients SHFA and INSW in helping to deliver what will be world-class convention, exhibition and entertainment facilities that will enhance Sydney's reputation as a truly global city."