Transaction Management & Tenant Representation

7,000 sqm Relocation

Sydney Cricket & Sports Grounds

background

In early 2018, the NSW State Government decided to proceed with a $728 million redevelopment of Sydney’s Allianz Stadium at Moore Park, commencing January 2019.

As a result, the Sydney Cricket & Sports Grounds (SCSG), which manages the Stadium, the Sydney Cricket Ground and surrounding lands, was required to provide vacant possession by no later than the end of 2018, approximately 9 months time. Parts of the Stadium and surrounding buildings had been licenced to office, retail, food & beverage and sports-related users, including many of Australia’s premier sporting brands.

our client’s need

SCSG initially engaged Counsel as Tenant Representative to secure approximately 7,000 sqm of alternative space. Most of the organisations had highly specialised uses and this meant we needed to work in close co-operation with them to develop a comprehensive understanding of their business and specific requirements.

SCSG’s objectives were for the relocation to be cost-effective, not delay the stadium redevelopment and to maintain the existing and longstanding relationships with its partners. Due to the ongoing use of facilities on the SCSG’s land, securing alternative space as close as possible to the Stadium was also considered important.

our value

Counsel’s initial appointment as the SCSG’s Tenant Representative changed into a more comprehensive Transaction Management role.

With the project team, we developed specific space briefs for each of the occupiers. Using our database of landlords and leasing agents active in the Sydney and Sydney fringe, we conducted a market search and identified the available options, both on and off market. After assessing all the options against the SCSG’s criteria, the neighbouring Entertainment Quarter was determined to be the preferred location.

The Entertainment Centre represented a very convenient option but there was not sufficient space to accommodate all the users and some of the space on offer required significant adaptation to be “fit for purpose”.

We worked proactively with the project team to negotiate an agreement to relocate all the occupiers to various spaces at the Entertainment Quarter including the a purpose built 1,200 sqm demountable facility for the Sydney Roosters, the completely reversible fitout of a sensitive historical building, a highly specialised medical imaging facility, medical centre, large health centre, retail food & beverage outlet and other offices.

Vacant possession of all the stadium areas was secured before the end of December 2018 allowing demolition to commence on time, an essential requirement.

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