Herbert Smith Freehills is advising Shokai Ausbao on its Granville Place project, a $400 million mixed-use development in Granville, Sydney, which is expected to transform the precinct adjacent to Granville station.
The project occupies a large, now consolidated site at 38 Cowper Street, and is currently planned to be delivered in two stages, containing three towers with more than 600 residential units and a supermarket-anchored shopping centre.
Shokai Ausbao is the Australian arm of the Beijing-based Shokai Group. Shokai Ausbao is a veteran developer in Sydney and has developed such projects as Capital Terrace Sydney, Landmark Apartment, The Quay Haymarket, One Avon Pymble and 60 Bathurst Sydney (containing a Crowne Plaza hotel) over the last 27 years; it also owns the Radisson Hotel & Suites and developed Beijing Garden in Canberra – a gift from the Beijing Municipal Government to Canberra to celebrate the city’s centenary.
The Herbert Smith Freehills team is being led by consultant John Wei and partner Nicholas Cowie with the support of senior associate Japonica Sheridan, Licensed Conveyancers Amy Zhong and Lyn McSweeney and solicitors Maxwell Wu and Betty Huang.
“We are delighted to support veteran developer Shokai Ausbao and to have assisted in the first sales launch,” Mr Wei said.
“This project will help to ease Sydney’s housing affordability crisis by providing housing stock, much of which is within reach of first home buyers.”