National law firm, Holding Redlich, is acting for Poly Global (Poly), the Australian subsidiary of Shanghai Stock Exchange-listed developer Poly Developments and Holdings, on its first development in Queensland. With its head office in Sydney, Poly Global has offices and had developed projects in Sydney, Melbourne, London, San Francisco and Los Angeles.
Poly's first development in Queensland, The Ascot Aurora mixed-use residential development, is at the corner of Lamington Street and Mordant Street in Ascot, Brisbane. It is located just 300m from Doomben Train Station, with Doomben Racecourse to the northwest, and in close proximity to Eagle Farm Racecourse, Ascot Town Centre (Racecourse Road) and Racecourse Retail Village, and also within the catchment of Brisbane's most prestigious education institutions such as St Margret's Anglican Girls School and Hamilton State School.
The development secured Development Approval just prior to Christmas in 2019 for 219 detached and attached townhouses and 15 apartments with an end value of $250 million. Despite the current health pandemic, Poly remains committed to continuing construction with early works commencing from early May and the sales launch planned for late June or early July 2020.
The Holding Redlich team working with Poly is led by partners John Wei and Ron Eames. They are supported by partners Paul Venus, Troy Lewis, Suzy Cairney, Gerard Timbs and Peter Nugent; special counsel Tanya Jackson, senior associate Saori Nakayama; and paralegal Annelise Wickens.
"We are delighted to assist Poly on its first development in Queensland," Mr Wei said. "The firm is also currently advising R&F Property on its Maison Rochedale development with 252 lots.
"In spite of the current COVID-19 pandemic, we are seeing developers such as Poly proceed with developments which will give a shot in the arm to the residential market in Brisbane which in turn creates jobs," Mr Wei added.