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Mallesons advises NT govt on $495m PPP
Mallesons Stephen Jaques has advised the Northern Territory Government on the first correctional services PPP in the Territory.
The New Lawyer
MALLESONS Stephen Jaques has advised the Northern Territory Government on the first correctional services public private partnership in the Territory.
This is the second social infrastructure PPP delivered in the Territory and Mallesons is pleased to have assisted the Territory on each of them.
Under the PPP, the private sector will finance, build and service a Correctional Centre, Secure Mental Health and Behavioural Management Facility, and a Supported Accommodation and Program Centre for community-based offenders.
The capital cost value of the project is $495 million with a 30 year concession period, and aside from being a key element of the Northern Territory’s “New Era in Corrections” policy, it is expected to provide a boost to the local economy by way of significant job creation.
The Project was delivered within the National PPP Guidelines in a manner that takes account of the challenges associated with the correctional sector generally and the Northern Territory environment in particular.
Project director, Pat Coleman, said “Mallesons clearly understands the Territory’s needs and objectives on major projects like the correctional precinct; they, worked with us to achieve an appropriately structured and delivered project and met all of our expectations.”
The project achieved Financial Close within nine weeks of the appointment of the preferred bidder. Early construction works have commenced with the facilities scheduled for completion in 2014.
The Mallesons team was led by head of infrastructure, partner Mark Upfold and lead senior associate Rebecca Finkelstein. They were supported by Peter Staciwa, Ruchi Sharma, Gareth Howe, James Forrest and Nicole Lacy on procurement, project, subcontracting, debt and equity issues.
