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Peter Nugent

LLB

Partner - Brisbane

Areas of Expertise

Property & Real Estate, Construction & Infrastructure

+ 61 7 3135 0632 peter.nugent@holdingredlich.com

Expertise

Peter has broad experience in all aspects of property practice and acts, and has acted, for many of Australia’s largest private and public property developers and investors.

Peter specialises in:

  • major property sales and purchases, and associated due diligence and sale preparation
  • development and joint venture agreements for retail, commercial, residential and industrial projects
  • infrastructure agreements
  • structuring master-planned developments
  • body corporate law and management rights
  • major property leasing, including managing shopping centre and commercial building leasing teams
  • managing residential property sales by developers
  • retirement villages and manufactured home parks
  • hotel developments and sales and purchases and hotel agreements.

Experience

Peter’s experience includes:

Major sale and purchase transactions for shopping centres

  • purchase and redevelopment of of Aspley Hypermarket, purchase of Brisbane Myer Centre, purchase of Chermside Shopping Centre and sale of Australia Fair Shopping Centre Southport.

Major sale and purchase transactions for office buildings

  • 60 Edward Street Brisbane, 260 Queen Street Brisbane, 300 Queen Street Brisbane, 150 Charlotte Street, Brisbane, 384 Edward Street Brisbane and Coronation Drive Office Park Milton.

General planning and development and infrastructure advice

  • negotiating legislation changes needed to resolve titling issues for Bretts Wharf Hamilton and Hope Island Resort
  • acted for the Mirvac trust in the acquisition of the Aspley Hypermarket under a sale and development agreement. The property was acquired from three vendors all variously related to the major tenant (Pick and Pay Hypermarket). The sale terms included a redevelopment and extension of the property, and the transfer of the major tenancies to the Coles Group. The vendor carried out the development for the purchaser on fund through terms
  • acted for MEPC Australia Pty Ltd in the sale of a portfolio of seven commercial buildings in one line, comprising the Coronation Drive Office Park towers and 60 Edward Street, Brisbane, to AMP. The sale process included the review of the properties in anticipation of the expression of interest campaign and purchaser due diligence, followed by the negotiation of the interdependent sale contracts and completion of the conveyance
  • acted in the sale of a half-interest five commercial office buildings in one line for Westpac, including 60 Martin Place, Sydney. The total value of the sale exceeded $250m, and comprised of three NSW properties, one Perth property, and one Brisbane property. This involved the preparation and negotiation of the five interdependent contracts and completion of the conveyances
  • acted for the project developer in the sale of the Central Park Chippendale office and hotel under interdependent contracts. Exchange took place prior to construction of the buildings at a total value exceeding $200m. The two properties are part of a mixed use development with management statements regulating the relationship between the various elements of the total development. The sale had to allow for construction of the buildings and title registration on agreed terms, and the property sales were to be separate. However, purchasers were both related and interdependent. Sale terms were provided for the lease of the commercial building and implementation of the hotel management agreements with the Starwood Group. Sale arrangements for the hotel property included the negotiation of financier deeds and the implementation by the vendor of a triple net lease structure for the ownership of the hotel business, with the lessee to be sold to the hotel purchaser are part of the sale terms
  • acted for a vendor client in the sale of a portfolio of industrial properties in Queensland, ACT and South Australia with a total value exceeding $100m. The vendor client were various subsidiary entities of the Walker Group and portfolio properties were sold to 360 Capital and Investec. Several properties in the portfolio were subject to ongoing development, therefore the sale terms included development agreements, price adjustment provisions and umbrella terms for interdependency
  • advised on the acquisition of the Marconi site in North Ryde and subsequent disposal to the Macquarie Goodman Trust. This was an agreement to lease to CSC Australia for development of their new Australian headquarters. The transaction included the put and call option to secure the site acquisition, the negotiation of the agreements with the major tenant, and the novation and development agreement with the purchaser
  • formed a development agreement between the Minister for Economic Development Queensland, Redland City Council and the Walker Group for an estimated $3b redevelopment of the Toondah Harbour at Cleveland, Queensland. This agreement included extensive preconditions in relation to approvals under the Environmental Protection and Biodiversity Conservation Act, negotiation of an Indigenous Land Use Agreement, state tenure requirements and planning approvals and provisions to control development, and financial returns and financing rights for the developer
  • acted for the Walker Group in regards to the acquisition of the office tower at 150 Charlotte St Brisbane, including development agreement terms and on-sale. The vendor was Stockland and the purchaser was CIMB (Singapore). The transaction included the negotiation of purchase terms, a development agreement for the refurbishment and lease up of the building, and negotiation of the agreement for lease for a tenant who was to occupy 80% of the floors in the building. It also included renegotiation to convert the on-sale into a direct sale from Stockland to CIMB in order to improve duty outcome.

Upcoming Seminars

04 Feb 19 to 29 Nov 19 - Sydney

Privacy & Data Roundtable Series 2019

Please register your interest for our Privacy & Data Roundtable Series 2019 which will be held in Sydney, Brisbane and Melbourne. Please click here for further details and to register your interest.

Register now

27 Feb 19 to 11 Dec 19 - Sydney

Procurement Seminar Series 2019

This series will equip you with the knowledge and tools to buy and/or sell better, will ensure you remain compliant in this increasingly regulated environment, and will maximise your chances of success and beat off the competition.

Register now

11 Mar 19 - Sydney

Checklist for a successful project

Our clients often come to us and ask us to prepare a contract for their development or project without checking on some basic matters. This presentation will consider some of the matters that should be on every project checklist.

Register now

Publications

27 February 2019 - Knowledge

Residential Focus

#Property & Real Estate

Since the Grenfell Tower tragedy, defects in high rise residential buildings have grabbed headlines, concerned the public and drawn the attention of regulators. While fire spread strikes a particular fear, the threat of structural failure has also captivated us, with the evacuation of a residential high rise building unprecedented in our industry.

26 February 2019 - Knowledge

Inside track: Property & Real Estate

#Property & Real Estate

There are hundreds of buildings around Australia covered in combustible cladding, but fixing the problem is expensive and the only government scheme is yet to hand out a single loan.

26 February 2019 - Knowledge

Amendments to Sale of Land Act – what are the key changes

#Property & Real Estate

The proposed changes to the Sale of Land Act are significant and, property developers should be aware of how these changes may impact their current developments and future investment activities.

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