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North Melbourne site secured by Aware in $1.6bn deal
Aware Super has made a $1.6 billion investment in a 99-hectare industrial precinct in Melbourne’s North which, the fund clarified, also houses the nation’s first privately funded open-access intermodal freight terminal.
Notably, Intermodal Terminal Company (ITC) is currently developing the Melbourne Intermodal Terminal (MIT), the first in its projected pipeline of independently owned and operated intermodal terminals.
According to the fund, the precinct – Melbourne Intermodal and Industrial Exchange (MIIX) – which is owned and and managed by Aware Real Estate, is set to generate almost 2,000 jobs and bolster the local economy.
“This investment will not only generate strong returns for our members, but illustrates the transformative power of private capital when deployed responsibly and with a long-term vision,” Aware Super chief executive, Deanne Stewart, said on the investment.
“The fusion of this industrial precinct with the MIT will create a core piece of essential infrastructure and real estate which will enable a vital connection to our nation’s import and export of goods.”
Expounding on this, the $190 billion fund said that the planned expansion of the MIIX is expected to generate 1,250 jobs, adding to the 60 jobs for MIT’s development and the 750 jobs needed during the construction phase. In total, the precinct will create 3,000 jobs.
“We’re particularly proud to invest in assets that support the population growth on the east coast of Australia, and Victoria in particular,” Stewart added.
Aware Real Estate interim CEO, Tracey Whitby, described MIIX as a “multifaceted destination”, combining prime-grade industrial workspaces and Melbourne’s largest intermodal terminal with “community experiences that inspire the surrounding residents and people working in the precinct”.
“MIIX will be a multilayered destination that lies at the intersection of rail and road in Melbourne’s north, and reimagining what’s possible for the nation’s future supply chain,” Whitby detailed.
Shaun Hannah, executive director at Barings, said: “Barings is proud of our longstanding strategic relationship with Aware Real Estate.
“Together, we have developed a cohesive precinct master plan which will deliver a stronger value proposition for new tenants through the integration of new development opportunities with the existing footprint and the intermodal facility.
“Our strategy is to deliver high-quality new developments with strong placemaking, featuring amenities for the site, such as cafes, along with energy-efficient buildings, solar panels, and EV charging,” Hannah concluded.
AUTHOR
Jessica Penny
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