The JV was established with the aim to develop a new build-to-rent tower
Maddocks has advised Malaysian developer Yarra Park City on a sale and joint venture with GURNER and Qualitas (GQ) to develop and run a build-to-rent (BTR) residential tower in Melbourne Square.
The new tower will be situated within Yarra Park City's $2.8bn Melbourne Square precinct, the firm said.
Robert Clarke, Gurner Group's chief development officer, said in a statement published by ASEAN Developer that the joint venture “makes a lot of sense for us as it’s a shovel-ready precinct that will deliver much needed rental supply to the market in an area that’s growing and supporting a large population.”
The Maddocks team, led by commercial partner Chong Ming Goh and partner James Beauchamp, provided advice on all property aspects and commercial aspects of the deal; the team also provided advice regarding the Foreign Investment Review Board.
The firm previously advised Yarra Park City on the development of Stage One of Melbourne Square.
