Nyaal Banyul Project achieves key financial milestone

Clayton Utz has successfully guided the financial close of the Nyaal Banyul Geelong Convention and Event Centre project, paving the way for project commencement.

The project will see the construction of a purpose-built convention and exhibition space. It features a 1000-seat venue, extensive exhibition areas, meeting rooms, and versatile event spaces.

Clayton Utz Partner Jo Pugsley described the project as transformative.

“The Nyaal Banyul Geelong Convention and Event Centre plans to transform Geelong and will be a major driver of jobs and economic growth in regional Victoria, supporting 1,450 jobs during construction and 700 jobs once complete.”

“It was a privilege to support Development Victoria on this important project to strengthen regional Victoria’s economy.”

The centre is part of a $500 million ‘Geelong City Deal’ to transform Geelong and the Great Ocean Road.

The Victorian Government is contributing $261 million to the project, with the Australian Government contributing $30 million and the City of Greater Geelong contributing $3 million – bringing the total commitment to $294 million.

Central to the Geelong City Deal, the project includes a precinct activation. This activation will feature retail spaces, a public plaza, and a 200-room Crowne Plaza hotel.

Delivered as a Partnerships Victoria project, Nyaal Banyul involves the Plenary Conventions consortium. The consortium consists of Plenary Group (sponsor and investor), Built Pty Ltd (builder), and BGIS (services provider).

Appointed by the State, they will finance, design, and construct the centre. Additionally, they will maintain the facility in partnership with the Melbourne Convention and Exhibition Trust, who will operate it.

“Our role in the project saw us collaborate across practices, combining our expertise from the Major Projects and Construction, Real Estate, Banking, and Environment and Sustainable Development practice groups,” Mr Pugsley said

“I’m proud of the group effort from our Clayton Utz team to successfully deliver the financial close of this project.”

“We anticipate continued collaboration with Development Victoria in the future.”