The Port of Melbourne has secured a long-term lease with the Victorian government to access additional land that will improve the state\u2019s supply chain efficiency and resilience.<\/p>\n\n\n\n
The new agreement will see approximately 29 hectares of the former Melbourne Markets site leased to the port until 2066 in line with the existing 50-year port privatisation lease.<\/p>\n\n\n\n
Port of Melbourne currently expects to invest over $200 million into development of the site, which will continue to support the $36 billion freight sector that currently employs 260,000 Victorians.<\/p>\n\n\n\n
The addition of the land and transformation of the Port precinct will play a critical role in maintaining Port of Melbourne\u2019s status as a key trade gateway for south-east Australia.<\/p>\n\n\n\n
Port of Melbourne CEO Saul Cannon says the acquisition of the additional land is important in the face of a rapidly growing industry.<\/p>\n\n\n\n
\u201cWith 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,\u201d Cannon says.<\/p>\n\n\n\n
\u201cPort of Melbourne is proud to invest in developing the site to support forecast growth and demands.<\/p>\n\n\n\n
\u201cFor a city port in Australia\u2019s soon-to-be-largest city, the site\u2019s strategic location and proximity to existing port functions enables a visionary transformation of the Port precinct that will enhance supply chain efficiencies, reinforcing Victoria\u2019s position as the freight and logistics capital of Australia.\u201d<\/p>\n\n\n\n
Minister for Ports and Freight Melissa Horne says the transformation of the Port precinct is a key measure in reducing the number of trucks on Victorian roads.<\/p>\n\n\n\n
\u201cThis is a great deal for Victoria,\u201d Horne says.<\/p>\n\n\n\n