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New housing stock on the way for Vic

New housing stock on the way for Vic

Kevin Frawley

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

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.”

 

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