Victorian economy boosted and 2000 jobs generated from $1.6 billion investment in Melbourne’s North

Aware Super’s $1.6 billion investment in a 99-hectare industrial estate in Melbourne’s North, which also houses the nation’s first privately funded open-access intermodal freight terminal, will unlock further value to the Victorian economy and national supply chain and generate almost 2000 jobs. 

The benefits will be outlined at today’s launch of the Melbourne Intermodal & Industrial Exchange (MIIX).

MIIX is owned and managed by Aware Real Estate, Aware Super’s direct property platform in Australia, and developed in partnership with Barings. 

Within the precinct, Aware Super also owns Intermodal Terminal Company (ITC), which is developing the Melbourne Intermodal Terminal (MIT), the first in its projected pipeline of independently owned and operated intermodal terminals with world-class levels of safety and efficiency.

The planned expansion of the site will generate 1250 jobs, joining the predicted 60 jobs for the MIT and supplemented by the 750 jobs needed for the construction. These 2000 jobs will be in addition to the 1000 jobs currently servicing the precinct, creating and supporting a total of 3000 jobs for the precinct.

Aware Super CEO Deanne Stewart said: “This investment will not only seek to 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’s $1.6 billion investment in a 99-hectare industrial estate in Melbourne’s North, which also houses the nation’s first privately funded open-access intermodal freight terminal, will unlock further value to the Victorian economy and national supply chain and generate almost 2000 jobs. 

The benefits will be outlined at today’s launch of the Melbourne Intermodal & Industrial Exchange (MIIX).

MIIX is owned and managed by Aware Real Estate, Aware Super’s direct property platform in Australia, and developed in partnership with Barings. 

Within the precinct, Aware Super also owns Intermodal Terminal Company (ITC), which is developing the Melbourne Intermodal Terminal (MIT), the first in its projected pipeline of independently owned and operated intermodal terminals with world-class levels of safety and efficiency.

The planned expansion of the site will generate 1250 jobs, joining the predicted 60 jobs for the MIT and supplemented by the 750 jobs needed for the construction. These 2000 jobs will be in addition to the 1000 jobs currently servicing the precinct, creating and supporting a total of 3000 jobs for the precinct.

Aware Super CEO Deanne Stewart said: “This investment will not only seek to generate strong returns for our members, but illustrates the transformative power of private capital, when deployed responsibly and with a long-term vision.

Aware Real Estate interim CEO Tracey Whitby said: “With MIIX, we’ve created a multi-faceted destination that combines prime-grade industrial workspaces and Melbourne’s largest intermodal terminal with community experiences that inspire the surrounding residents and people working on site.

“We believe it is a multi-layered destination that lies at the intersection of rail and road in Melbourne’s north, reimagining what’s possible for the nation’s future supply chain.

“We also expect an uptick in demand for the Park once the Melbourne Intermodal Terminal becomes operational later this year and ramps up being able to accommodate up to 1 million TEUs.”

ITC CEO Mishkel Maharaj said: “The MIT allows MIIX’s tenants and the state’s supply chain to save costs, avoid traffic congestion and lower operational emissions by bringing freight by rail directly from Port of Melbourne, Australia’s capital cities, and regional Victoria into the heart of a large industrial and logistics precinct.

“MIT customers can pull imports from the port on rail, then repack and push this containerised freight back out across the country, also on rail. Additionally, primary producers can use the MIT as a staging area in preparation for exporting their goods and commodities to global markets via the port.”

Shaun Hannah, Executive Director, Barings Real Estate said: “Barings is proud of our long- standing strategic relationship with Aware Real Estate.

“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.

“Our strategy is to deliver high-quality new developments with strong placemaking featuring amenities for the site such as cafes and ESG performance with energy efficient buildings, solar panels and EV charging.”

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