Dean Woodbridge and Branden Corcoran from Long Saad Woodbridge Lawyer’s property and commercial team are very pleased to share that our client DA Properties, with Stone Real Estate and Colliers as the selling agents, have completed the acquisition of neighbouring sites 45 and 49 Murdoch Street in Cremorne for an exciting residential property development project to commence in the coming months.
The transaction was layered under complex put and call option arrangements across different buildings and owner’s corporations, all with separate vendors, which we were able to successfully negotiate, exercise and settle on all titles simultaneously.
We also dealt extensively with Revenue NSW on the option and contract aspects of the transactions, together with facilitating and passing an extensive audit into the investors involved in the acquisition, as well as facilitating the drawdown of complex finance arrangements, despite very tight timeframes.
The properties acquired were highly sought after across its campaign, and LSW assisted in positioning DA Properties in an ideal situation to swiftly secure the properties during the expression of interest period.
The press release from Colliers outlines the attractiveness of the sites, which sets the basis for the new development project to flourish.
Dean Woodbridge has shared that: “Across my decades of conducting large-scale property development acquisition and projects for my clients, DA Properties ability to acquire this site, and the streamlined process to complete the transaction in record time is certainly one of our greatest achievements in the property development space”.
Working closely with Dean across the transaction, Branden Corcoran has also stated that: “Being involved in a transaction of this magnitude was extremely rewarding, as it required a much more tailored and deeper approach to ensure that we were able to facilitate our client’s visions than a typical property transaction”.
This is a very positive step for our property team with our expertise leading into complex acquisition and development projects, that has been rewarding for all parties involved.
We look forward to assisting with the next stages of the development project, through to completing the sales in due course.
We will share further updates over the course of the project, and welcome the opportunity to assist in similar transactions in the future.
