Herbert Smith Freehills advises Mission Australia on the acquisition of 130 affordable homes

Herbert Smith Freehills (HSF) has advised Mission Australia, a national charity motivated by a vision of an Australia where everyone has a safe home and can thrive, in relation to the successful development of 130 affordable housing dwellings. The housing is part of the NSW Government and Frasers Property Australia’s Midtown MacPark project, a redevelopment of the former social housing Ivanhoe Estate in Sydney’s Macquarie Park.

Midtown MacPark is one of the largest urban renewal projects in Australia, and is being redeveloped into a vibrant new mixed-tenure community of approximately 3,300 new homes, including 954 new community homes, 130 affordable homes and 2,216 private market dwellings, with a new school, childcare centres, community facilities, retail and improved public open spaces.

Chris Bratchford, Mission Australia Housing Executive said given rising levels of homelessness, the high cost of housing and long waitlists for social housing, the need for new social and affordable homes has never been greater.

“Safe, secure and affordable homes like these give people and families on low to moderate incomes a stable base to connect with their community, maintain wellbeing, raise a family, and pursue work or education opportunities,” he said.

The Herbert Smith Freehills team was led by Finance partner Erin Wakelin and Real Estate partner Nicholas Cowie, with the support of senior associate Roger Kong, solicitor Stephanie Simm and senior licensed conveyancer Suzanne Telfer.

HSF Finance partner, Erin Wakelin, said, “We are very pleased to work with Mission Australia to deliver this latest Project in collaboration with Frasers Property Australia, Homes NSW and Housing Australia. A transaction that results in homes for vulnerable people is special; we really admire the way the committed team at Mission Australia goes about turning their vision from words to reality.”

HSF Real Estate partner, Nicholas Cowie, said “We are so pleased to have been able to assist Mission Australia with its objective of providing affordable housing for those in need at a time when demand for accommodation is so high.”

Frasers Property Australia is the developer of the Project under an arrangement with Homes NSW. Housing Australia provided funding for the acquisition and delivery of the Project. Separate teams from King & Wood Mallesons advised both Frasers Property Australia and Housing Australia in respect of the Project.

HSF has a long history of supporting clients to deliver social and affordable housing projects. Other recent examples include advising:

• Community housing providers and other organisations in relation to applications made to Housing Australia for funding under the recently closed first funding round for the $10 billion Housing Australia Future Fund Facility (HAFF).
• Lighthouse Infrastructure Management Limited on its investment with St George Community Housing for the delivery of key worker accommodation in Western Sydney.
• Department of Community & Justice and NSW Treasury in relation to the establishment of the A$1.1 billion NSW Social and Affordable Housing Fund for the procurement of social and affordable housing in NSW, and on the financing aspects of the completion of transactions for the first and second stages of the fund.