Port of Melbourne, Australia’s largest general cargo and container port, has secured a long-term lease of additional land from the Victorian Government to improve the state’s supply chain efficiency.
The port will lease approximately 290,000 sq m of the former Melbourne Markets site until 2066 in line with its existing 50-year port privatisation lease. This is the port’s largest-ever expansion since the long-term lease was granted in 2016.
Based on current planning, the Port of Melbourne expects to invest more than AUD 200m ($136.2m) into the development of the site. The integration of the site into the port will support a freight sector that employs 260,000 people.
This expansion should, according to the port, reduce congestion and minimise impact on surrounding communities. Consistent with the Victorian Government’s 2018 Victorian Freight Plan, the Port of Melbourne will invest in developing the site for a range of uses, including truck parking facilities and container storage.
“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.