Peter Nugent

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 has been listed in the Best Lawyers in Australia 2020 edition for the area of Real Property Law.

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.

Publications

10 December 2019 - Knowledge

E-conveyancing under the competition microscope

#Property & Real Estate

The ACCC has recommended a new round of regulatory development to ensure that the PEXA e-conveyancing system does not become a monopoly.

12 November 2019 - Knowledge

Federal Court holds that a lease clause for the sale of electricity was unenforceable

#Property & Real Estate

The National Energy Retail Law (NERL) regulates the retail sale of electricity and gas, though there are State by State changes to the application of that law.

24 September 2019 - Knowledge

Inside track: Local Government

#Local Government

Are Aboriginal objects on land potentially a defect in title? This question was discussed by the NSW Court of Appeal in Mehmet v Carter. And the short answer is: Yes, Aboriginal objects on land may be a defect in title where they are protected from disturbance under a law.