Metro Property’s $220 Million Acquisition of Bingara Gorge

Arnold Bloch Leibler has acted for Australian property developer, Metro Property, in the acquisition of the prominent ‘Bingara Gorge’ site from Lendlease, one of Australia’s largest residential subdivisions.

Metro Property Group has emerged as the expected buyer of Lendleases half finished Bingara Gorge project in Sydney South West in a $220 million deal. 

Situated on the Hume Highway about 80 kilometres south of Sydney and 30 kilometres north of Wollongong, Bingara Gorge was one of Lendlease major residential community development but was put up for sale earlier this year. 

The project forms part of the growth area of Wilton which is expected to house over 15,000 homes by 2040. Lendlease’s 112 hectare parcel has the capacity to yield almost 900 lots and found interest from the usual suspects including Mirvac, Satterley, Stockland, Frasers and the Perich family.

Lendlease developed a retail village, primary school and community facilities and delivered around 900 lots across the 450-hectare estate. 

The sale agreement for the 900 lot site in Sydney’s southwest is due to be completed mid 2021.

Metro Property Development is one of Australia’s leading residential property developers.

The ABL team advising on the transaction was led by property and development partner, Tyrone McCarthy (Picture), and commercial partner, Paul Rubenstein, with assistance from newly appointed senior associate, Rob Deev. The team advised on all aspects of the deal, including the negotiation and finalisation of the transaction documents and legal due diligence on the site.

 

Involved fees earner: Rob Deev – Arnold Bloch Leibler; Tyrone McCarthy – Arnold Bloch Leibler; Paul Rubenstein – Arnold Bloch Leibler;

Law Firms: Arnold Bloch Leibler;

Clients: Metro Property Development;

Author: Sonia Carcano