Media
Freehills advises Queensland Government on first PPP
09 May 2005Freehills has advised the Queensland Government on the signing of its first Public Private Partnership (PPP) project.
The project, with a net present value of approximately $550 million, involves the redevelopment of the Southbank Institute of TAFE in the heart of Brisbane into a high—tech education and training precinct. The redevelopment project will involve the construction, maintenance and financing of five new buildings, with another four existing buildings to be renovated.
The project will be developed by the Axiom consortium comprising ABN AMRO, John Holland Construction and Spotless Facilities Management under a 34—year contract with the state government.
Freehills advised the Queensland Government throughout all stages of the project, from the initial pre—feasibility study which commenced in 2002 through to the tendering process and final negotiations with the ABN AMRO—led consortium. Freehills' advice extended to all aspects of the project including risk analysis, construction, property, planning and environment, project finance and industrial/employee relations issues.
The Freehills team was led by the firm's Projects partners, Peter Butler, Michael Back and David Templeman.
In discussing his involvement in the project, Mr Butler said, 'This project was particularly challenging given the sheer size of the redevelopment, the brown—field nature of the site, and the state's requirement that the campus remain fully operational throughout the four year construction timeframe.
'It is understandable that for its first PPP, the Queensland Government wanted to be meticulous with every detail. This has clearly paid off. The signed deal delivers the government a real value for money outcome with state of the art facilities to be maintained under a strict performance—based arrangement, and at a competitive price. All of this is packaged within a contractual structure which is suited to the Queensland Government's specific needs and risk allocation objectives,' he continued.
ENDS
For further information, contactMargaret St Clair
Public Affairs Coordinator
Telephone 61 3 9288 1368
margaret.st.clair@freehills.com
