Urban Fortune Global Ltd v Deicorp Projects (Partridge Ave) Pty Ltd [2022] NSWSC 1352

Supreme Court New South Wales

Medium Neutral Citation: Urban Fortune Global Ltd v Deicorp Projects (Partridge Ave) Pty Ltd [2022] NSWSC 1352 Hearing dates: 19, 20 and 21 September 2022; further written submissions ending 26 September 2022 Date of orders: 10 October 2022 Decision date: 10 October 2022 Jurisdiction: Equity - Expedition List Before: Parker J Decision: See [161]-[163] Catchwords: CONTRACT – commercial contracts – agreements to negotiate – informal written agreement for purchase of ten properties, specifying price and settlement period – purchase subject to due diligence – special purpose vehicle to be nominated by purchaser – parties obliged to use "all reasonable endeavours to agree the terms of a Contract for Sale" during due diligence period – construction – enforceability – obligation on vendor to make offer – failure to incorporate nominated special purpose vehicle – breach REAL PROPERTY – options – formal requirements – Division 9 of Part 4 of the Conveyancing Act – whether informal written agreement an option over the properties – whether land "residential property" Legislation Cited: Australian Consumer Law, ss 18, 20 Conveyancing Act 1919, ss 52A, 66Q, 66Z, 66ZG, 66ZH, 66ZI Duties Act 1997, s 106 Cases Cited: Coal Cliff Collieries Pty Ltd v Sijehama Pty Ltd (1991) 24 NSWLR 1 Crown Sydney Property v Barangaroo Delivery Authority [2018] NSWSC 1931 Jones v Dunkel (1959) 101 CLR 298 Sijehama Pty Ltd v Coal Cliff Collieries Pty Ltd (Supreme Court of New South Wales, Clarke J, 10 August 1987) Sijehama Pty Ltd v Coal Cliff Collieries Pty Ltd (Supreme Court of New South Wales, Clarke JA, 7 March 1989) United Group Rail Services Ltd v Rail Corporation New South Wales (2009) 74 NSWLR 618 WN Hillas & Co Ltd v Arcos Ltd (1932) 147 LT 503 (HL) Texts Cited: Heydon, JD, Leeming, MJ and Turner, PG, Meagher, Gummow & Lehane's Equity: Doctrines & Remedies (LexisNexis Butterworths, 5th ed, 2014) Heydon, JD and Leeming, MJ, Jacobs' Law of Trusts in Australia (LexisNexis Butterworths, 8th ed, 2016) Category: Principal judgment Parties: Urban Fortune Global Limited (First Plaintiff) Polytec Australia One Pty Limited (Second Plaintiff) Deicorp Projects (Partridge Ave) Pty Limited (Defendant) Representation: Counsel: AJL Bannon SC/GW Stapleton (Plaintiffs) BW Walker SC/ARR Vincent (Defendant)