Aware Super has committed $1.6 billion to the Melbourne Intermodal and Industrial Exchange (MIIX) to continue to support the development of Australia’s largest intermodal terminal.
The 99-hectare industrial precinct in Melbourne’s north houses Australia’s first privately funded, open-access intermodal freight terminal. Development of the precinct was initially flagged at the start of 2023.
“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 says.
“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.”
The Melbourne Intermodal Terminal is expected to become operational later this year and is ramping up to be able to accommodate up to one million TEUs.
Customers will be able to pull imports from the port on rail, then repack and push the containerised freight back out across Australia. Primary producers will also be able to use the MIT as a cargo assembly area in preparation for exporting their goods and commodities to global markets via the port.
It is also hoped the avoiding of traffic congestion and lower operational emissions will enable MIIX tenants to save on costs.
“MIIX will be a multi-layered 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,” Aware Real Estate Interim Chief Executive Tracey Whitby says.
Barings Executive Director Shaun Hannah says the delivery of amenities within the site is also a high priority.
“Together we have developed a cohesive precinct masterplan 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,” Hannah says.
“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.”
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