Port of Melbourne will lease approximately 29 hectares of the former Melbourne Markets site to 2066.
The announcement made this morning falls in line with its existing 50-year port privatisation lease and represents its largest expansion since it was granted a long-term lease in 2016.
Victoria’s supply chain efficiency and resilience is likely to be bolstered considerably following the Port of Melbourne securing crucial access to an additional parcel of land.
Based on current planning, Port of Melbourne expects to invest more than $200 million into the development of the site.
Considered a strategic transformation of the Port precinct, the development will play a critical role in preserving Port of Melbourne as the key trade gateway for southeastern Australia, while reducing congestion and minimising impact to surrounding communities.
“This is a great deal for Victoria – we’re getting more trucks off local roads, increasing the amount of freight the Port of Melbourne can handle, boosting trade and the economy, while strengthening Victoria’s supply chains,” said Minister for Ports and Freight Melissa Horne.
Significantly, the future-focused integration of the site into the Port precinct supports a $36-billion freight sector that employs 260,000 Victorians.
“With container volumes at Port of Melbourne expected to double by 2050, access to additional land at the former Melbourne Markets site unlocks opportunities that are critical to the future needs of Victoria,” said Saul Cannon Port of Melbourne CEO.
“Port of Melbourne is proud to invest in developing the site to support forecast growth and demands.”
Consistent with the Victorian Government’s 2018 Victorian Freight Plan, Port of Melbourne will invest in developing the site for a range of uses, including truck parking facilities and container storage.
The establishment of port functions at this site will reportedly improve traffic movement in the area, complementing the West Gate Tunnel when it opens.
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