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News release

Melbourne

JLL Congratulates the Victorian State Government on Port of Melbourne lease announcement


This week the Victorian State Government announced the successful outcome of a $9.7 billion lease for the Port of Melbourne. In 2015, the Victorian Government detailed plans to spend $22 billion on infrastructure projects and create over 100,000 new jobs in four years.  

JLL Victoria’s Managing Director, David Bowden said “the government infrastructure projects and investment impact of this nature will have broad benefit for the economy and employment.  Key sectors impacted include construction, transport and logistics operators, major retailers and wholesale groups, as well as extending to professional and supplier services to the construction sector, which will increase office based employment and office demand.”  

“Infrastructure investment is continuing to contribute to growth in jobs and has the ability to enhance the productivity of the economy in both the short and long term. The ongoing investment is expected to have a significant multiplier effect on both social and environmental improvements as well as reinforcing the port’s value to the state and more broadly the country.”

“The impact is further represented by the occupier take up for the transport, postal and warehousing sectors which has increased by 6% over the last 3.5 years and is expected to continue in line with investment,” added Mr Bowden.

“In addition, the Western Distributor including Webb Dock access improvements, Monash Freeway upgrades and the CityLink Tulla widening will further open the western and northern industrial corridors creating efficiency and continued economic stimulus for the state,” added JLL Victoria’s Director Strategic Research, Annabel McFarlane.

JLL acted in an advisory capacity on the Port of Melbourne transaction, providing Valuation and Strategic Consultancy advice to the Victorian State Government.