Deal profile | Gadens advises PDG Corporation on the $170 million construction financing of the QVM Munro development in Melbourne’s Queen Victoria Market Precinct

Gadens has advised PDG Corporation on the $170 million construction financing with National Australia Bank Limited for the QVM Munro site in the Queen Victoria Market Precinct.

The QVM Munro development is a landmark $450 million mixed-use commercial and residential development on the Munro Site within the Queen Victoria Market Precinct, forming an important part of the program of the City of Melbourne’s renewal of the precinct. It is due for completion across 2021 and 2022. The development includes a 490 unit residential ‘build to rent’ residential tower, as well a boutique hotel, a community centre, retail spaces and car parking for the Munro Site as well as the Queen Victoria Market.

Gadens advised on and negotiated the debt facilities together with negotiation of complex tripartite arrangements with Mirvac Constructions, Mirvac Build to Rent, City of Melbourne, Hamilton Marino and Veriu Hotels. Gadens’ Property and Construction Groups advised PDG Corporation on the real estate and construction aspects of the development.

Doug Scobie, Partner said: “We are delighted to have advised PDG Corporation on the landmark QVM Munro Development, it is an integral part of the City of Melbourne’s renewal of the precinct.“

Practice group involved:

Banking & Finance; Property; Construction.

Key team members:

The Gadens team comprised Doug Scobie, Partner and Matthew Trinca, Special Counsel from the Corporate and Institutional Banking and Finance Group, along with Partners Daniel Middleton and Tony Greenaway from the Property and Construction Group.