Ashurst has advised the University of Melbourne on its student accommodation concession agreement with AMP Capital for the Melbourne Connect precinct. Melbourne Connect is currently under construction and when completed will be a world-class, purpose-built innovation precinct, connecting industry, government, students and leading academics and researchers.
The 42-year concession includes responsibility for facilities management of the 527-bed purpose built student accommodation facility at Melbourne Connect, which will be ready for the start of first semester, 2021. The University will retain ownership and operational responsibility of the facility, including all student-related activities such as student wellbeing and residential life programs. The facility will be the first dedicated postgraduate residential community to be developed by the University.
The Melbourne Connect precinct is being built on the site of the old Royal Women's Hospital on the corner of Grattan Street and Swanston Street in Carlton.
This follows Ashurst advising the University in November 2018 on its original a 40-year student accommodation agreement with AMP Capital, through its AMP Capital Diversified Infrastructure Trust. The original agreement allowed for additional student accommodation residences to be added to the University portfolio as they became available, which is the case with the Melbourne Connect facility.
Lead partner on the matter, Transport and Infrastructure partner Harvey Weaver, comments: "We are delighted to again partner with the University of Melbourne to deliver first class accommodation facilities for their students. Melbourne Connect will be a world-leading innovation precinct with the highest quality facilities and we are proud to have played a role in what will be a significant contribution to Melbourne. This transaction also demonstrates the benefits of the original transaction structuring as it has allowed Melbourne Connect to be fitted seamlessly into the existing arrangements between the University and AMP Capital."
Harvey was assisted by counsels Laura van den Berg and Melinda Harris and associate Rebecca Campigli (Transport and Infrastructure), partner Lynda Tully (Corporate) and partner Barbara Phair and senior associate Elke Bremner (Tax). Flagstaff Partners was the financial adviser to the University.
