Under the PPP, the private sector will finance, build and service a Correctional Centre, Secure Mental Health and Behavioural Management Facility, and a Supported Accommodation and Program Centre for community-based offenders. The capital cost value of the project is $495 million with a 30 year concession period, and aside from being a key element of the Northern Territory’s “New Era in Corrections” policy, it is expected to provide a boost to the local economy by way of significant job creation.
The Project was delivered within the National PPP Guidelines in a manner that takes account of the challenges associated with the correctional sector generally and the Northern Territory environment in particular. Project Director Pat Coleman commented “Mallesons clearly understands the Territory’s needs and objectives on major projects like the correctional precinct; they, worked with us to achieve an appropriately structured and delivered project and met all of our expectations.”
The project achieved Financial Close within 9 weeks of the appointment of the preferred bidder. Early construction works have commenced with the facilities scheduled for completion in 2014.
The Mallesons team was led by their Head of Infrastructure, Partner Mark Upfold and lead senior associate Rebecca Finkelstein and supported by Peter Staciwa, Ruchi Sharma, Gareth Howe, James Forrest and Nicole Lacy on procurement, project, subcontracting, debt and equity issues. Rebecca Finkelstein commented that “Mallesons was delighted to build on its relationship with the Government by acting on this strategic matter for the Northern Territory, working closely with the Department of Justice and the Territory stakeholders”.
Mark Upfold commented that “it is pleasing that my Sydney infrastructure team has assisted the Northern Territory on this project building on our role for the financiers on the Gold Coast Rapid Transit PPP and a shortlisted bidder on Wiri Prison PPP in New Zealand over the last 12 months. We enjoy the opportunity to work with all sectors on PPPs and value the insights that each role gives us”
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For further information, please contact Sue Ashe +61 2 9296 3716 or 0427 208 369
Mallesons Stephen Jaques is a leading law firm in the Asian region. For over 180 years, the world’s leading organisations have entrusted us to advise on their most critical legal challenges. We couple high performance with intellectual rigour to provide legal solutions that are innovative and often ground breaking. This approach enables us to help our clients adapt to the increasingly challenging markets in which they operate - no matter where they are in the world - and ensures that they have a voice to help them shape the legal and regulatory landscape. To provide our clients with legal advice that makes a difference, we invest in attracting, recruiting, retaining and nurturing the very best talent in all the markets in which we work. We have offices in Australia’s major commercial centres, as well as Asia and the UK. For more information go to: www.mallesons.com.au. Follow us on Facebook or Twitter.
Elle LoweSenior Manager, Corporate AffairsT +61 2
M +61 424 168 080