Port Of Melbourne leased to the Lonsdale Consortium for more than $9.7bn

THE Victorian Government last week announced it has successfully leased the Port of Melbourne for more than $9.7 billion, delivering on its election promise to lease the port, remove 50 level crossings and create thousands of jobs.

The Lonsdale Consortium, comprising of the Future Fund, QIC, GIP and OMERS signed a lease of the port's commercial operations for a term of 50 years.

Port of Melbourne
Above: Port of Melbourne / by Chris Phutully.

Ten per cent of lease proceeds will be invested in regional and rural infrastructure projects, totalling more than $970 million.

A new $200 million Agriculture Infrastructure and Jobs Fund has also been established to drive economic growth in the state's regions, boost exports and support Victorian farmers from paddock to port.

The State Government said it will work with the Commonwealth over the coming months to finalise the additional 15 per cent that Victoria is entitled to under the Commonwealth's asset recycling initiative.

During the lease term, Lonsdale will maintain access to public walkways and bike paths for community use. The State will retain responsibility for the Harbour Master, Station Pier, relevant safety and environmental regulation, waterside emergency management and marine pollution response.

Photo: Port of Melbourne / Chris Phutully / Licensed under Creative Commons BY 2.0.

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