Port of Melbourne secures lease for 29 hectares of additional land

Port of Melbourne has secured a long-term lease with the Victorian Government to access additional land. The port will lease approximately 29 hectares of the former Melbourne Markets site to 2066 in line with its existing 50-year port privatisation lease.

This represents the port’s largest ever expansion since the long-term lease was granted in 2016. Based on current planning, Port of Melbourne expects to invest more than AU$200 million into the development of the site.

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 improve traffic movement in the area, complementing the West Gate Tunnel when it opens.

Owned by VicTrack, the site is optimally positioned for port use and will accommodate freight and logistics functions closer to the port. The transaction remains subject to satisfaction of certain conditions, which Port of Melbourne expects will be satisfied by the end of 2024.