DLA Piper advises on 648-bed student accommodation facility in Melbourne
DLA Piper has acted as legal adviser to Campus Living Villages (CLV), the project sponsor in respect of the project to design, build, finance, operate and maintain a 648-bed student accommodation facility located at the University of Melbourne.
DLA Piper advised CLV on all aspects of the transaction, including the project deed with the University of Melbourne, financing arrangements with Commonwealth Bank of Australia, construction contracts with Watpac and ancillary documents.
The 14-storey student accommodation facility will be built in Carlton under a 38-year build, own, operate and transfer (BOOT) contract between the University of Melbourne and CLV. The facility is to be developed on a site located at 108–128 Leicester Street, Melbourne, and is expected to be completed in late 2015 and opened in time for the first semester of 2016.
The project is a key component of the university’s overall student accommodation programme and will provide new, high-quality, affordable student accommodation options to domestic and international students as part of the university’s long-term strategy to provide at least 2,000 new student beds by 2020. The development will meet the five-star Green Star Rating for a multi-unit residential complex and is planned to maximise solar access and amenity.
Key members of the DLA Piper project team were finance and projects partner Alex Guy, senior associate Kate Papailiou, real-estate partner Jane Baddeley and senior associate David Andrewartha.
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