Global law firm Norton Rose Fulbright has advised Qube Holdings Limited and related entities on its agreement with Target Australia for the development and leasing of a new purpose-built warehouse and office facility at Moorebank Logistics Park in NSW. The new Target facility is due for completion in early 2019 and the term of the lease is for 10 years plus options.
Moorebank Logistics Park will be the largest intermodal logistics precinct in Australia. The intermodal facility will substantially alleviate increasing congestion at Sydney’s major sea port at Port Botany and surrounding road network and deliver substantial economic benefits to NSW.
The firm also assisted Qube in reaching agreement with Target Australia for the provision of logistics services from Port Botany to the Moorebank site for five years plus options, which when combined with the lease for the premises will provide a fully integrated warehousing and logistics solution for Target Australia.
The development received planning approvals from both the NSW and federal governments between 2014 and 2016 and works began in August 2016 to prepare the site for construction. The freight precinct will include the development of 241 hectares of land in Sydney’s western corridor to process initially 250,000 and ultimately more than a million import-export freight containers per year. It will also process up to an additional 500,000 domestic freight containers and contain up to 850,000m2 of warehousing.
The deal is an example of some of the leading work Norton Rose Fulbright does in the logistics development space in Australia. The firm’s advice included negotiating and drafting the heads of agreement; agreement of the lease between Qube and Target Australia; and negotiating and drafting the logistics services agreement between Qube and Target Australia.
Norton Rose Fulbright global head of real estate, Peter Trevaskis, who commented:
“We have been closely involved with the Moorebank Logistics Park project for many years and have worked alongside Qube to assist it to move to the delivery phase of the project. This deal marks a significant milestone for our client and we are very proud to be involved.”
Qube Director of Strategic Assets Division, William Hara, commented:
“Norton Rose Fulbright, which has been assisting us on the Moorebank Logistics Park project from the outset, understands our commercial drivers and worked closely with us to help us secure Target Australia as our first major build-to-lease commitment. Its support in achieving this milestone has been invaluable."
Deanne Ogilvie, special counsel, led the negotiations for Qube with partner support from Peter Trevaskis. The team was assisted by our occupational health and safety (under partner Aaron Anderson), corporate (under partner Keira Brennan) and banking and finance (under partner Mitchell Mathas) teams.
For further information please contact:
Alex Boxsell, Senior Brand & External Communications Manager, Norton Rose Fulbright in Australia
Tel: +61 (0)2 9330 8165 Mob: +61 (0)414 985 556
Notes for editors:
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