New housing stock on the way for Vic
A development agreement has been reached for a 315-hectare land parcel near Melbourne.
Firms: Arnold Bloch Leibler (Mt Atkinson Holdings); King & Wood Mallesons (Stockland)
Deal: Mt Atkinson Holdings and Stockland reached an agreement to develop part of the Mt Atkinson Precinct.
Value: $2 billion
Key players: Property and development partner Kevin Frawley led the Arnold Bloch Leibler team advising Mt Atkinson Holdings. He was assisted by senior associate Stephanie Campbell and lawyer Clara Jordan-Baird.
Partner Andrew Erikson led the KWM team advising Stockland.
Deal significance: The Mt Atkinson Precinct is a 700-hectare site around 23 kilometres west of Melbourne. It is reserved for mixed-use development and is expected to attract over 20,000 residents in the next 30 years.
The agreement with Mt Atkinson Holdings will see Stockland develop a 315-hectare section of the precinct. The new community will consist of 5,000 homes and produce approximately $2 billion in land sales, according to a statement from Arnold Bloch Leibler.
“This is an extremely important project for Victoria, in the heart of Melbourne’s western growth corridor, which has been identified by the Victorian government as a priority growth region,” said Arnold Bloch Leibler partner Kevin Frawley.
“We are extremely pleased to have assisted our clients on all legal aspects of this significant transaction.”