Eco World International Acquisition of residential site in Macquarie Park
McCullough Robertson advised Eco World International on its acquisition of a residential site in Macquarie Park, New South Wales. This will be Eco World International’s third large scale mixed use development project in Australia with an estimated value in excess of AUD $139 million.
The site currently comprises a block of 30 residential strata units. Eco World International plans to develop approximately 125 residential units as well as a retail component on the site, once the current strata scheme is terminated.
McCullough Robertson advised on developer rights and obligations involved in strata renewals, negotiated the terms of the put and call option agreement and sale contracts with the collective vendors and provided advice in respect of FIRB provisions applicable to Eco World International as a foreign entity seeking to purchase land in Australia.