July 4, 2016

Clyde & Co advise on landmark Sydney urban development

Global law firm Clyde & Co has advised Fortune 500-listed property developer, Greenland Group, on its joint venture with Guangzhou-based Chinese developer Golden Horse for their proposed AUD 1.6 billion seven-hectare residential development project in Erskineville's Ashmore precinct in Sydney, Australia.

The Ashmore precinct is one of Sydney’s largest urban development projects. The estate, which may ultimately house around 2,700 residents is located between the Bankstown rail line and Mitchell Road, between Ashmore Street and Coulson Street in Erskineville, and forms part of the larger Ashmore Precinct. Subject to planning approval, Ashmore Estate will include:

  •    1,400-1,600 new dwellings
  •    Mixed use retail
  •    New streets and shared pathways, and
  •    New parklands of more than 7,400 square metres

Greenland Australia and Golden Horse Properties will complete acquisition of an adjoining property, the balance of the development site, in mid to late 2017.

Founded in 1992, Greenland Group is a global leader in property, resources, finance, construction and hotels. It is currently ranked 268th in the Global Fortune 500 list, and is working on real estate projects in more than 90 cities across China, the US, UK, Germany, Russia, Spain, France, Korea, Thailand, France, Canada, Japan and now Australia.

Golden Horse Properties is the Australian arm of one of Hong Kong’s leading diversified property and development firms, Golden Horse Group.

The Clyde & Co team was led by Partners Kon Nakousis, David McElveney, Dean Carrigan and Avryl Lattin, with  support from Senior Consultant, Payal Mahindroo, Senior Associates Adam Skibsted and Troy Mossley and Associate Luke Carbon.

Full details regarding the deal here