New housing stock on the way for Vic

By Tom Lodewyke|21 May 2017

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

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Area: Property

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.”

New housing stock on the way for Vic
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