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Pasminco site to undergo major redevelopment
Hall & Wilcox has advised Hunter and Central Coast Development Corporation on the Pasminco site redevelopment.
Tony Zhang
Firms: Hall & Wilcox (Hunter and Central Coast Development Corporation)
Value: Undisclosed.
Area: Energy and resources.
Key players: Property and projects partner Katrina Reye led the Hall & Wilcox team, which included special counsel Bronwyn Scott and lawyer Michael Tran. Special counsel Jim Koutsokostas advised on GST and tax matters.
Deal significance: The two projects announced for the site are Costco Wholesale Australia’s first NSW regional warehouse and a multi-staged residential development of more than 500 dwellings by Green Capital Group. The NSW government estimates the projects will inject approximately $300 million to the local economy.
“This project is significant because it will see the renewal of an old smelter site, which has been vacant for some years, and transformed into large commercial and residential precincts. It will bring great economic and social opportunities to the area,” Ms Reye said.
“This is a great outcome for the Hunter region, which would not have been possible without the intervention of the [state government].”
The Hall & Wilcox team assisted with the drafting and negotiation of the transaction documents between HCCDC and each developer, as well as dealing with other issues, such as a range of advisory work in relation to the site.
Costco Wholesale Australia (Costco) has estimated that its new warehouse will generate approximately 80 full-time equivalent (FTE) jobs during construction and up to 225 ongoing local jobs, while Green Capital Group said approximately 400 FTE jobs will be created during construction.
The Pasminco smelter site, which opened in 1897 and was closed in 2003, has been remediated. The HCCDC is in charge of releasing land for housing and business development, through the Lake Macquarie Smelter Site (Perpetual Care of Land) Act 2019.
