Inland Rail project: Wallan site adjoining proposed $2.4bn freight terminal could sell for $15m
An expansive block of land adjoining the federal government’s planned Beveridge Intermodal Freight Terminal has hit the market.
A substantial landholding in Wallan adjoining the federal government’s planned $2.4bn freight terminal could sell for up to $15m after hitting the market this week.
The 37.79ha property at 2451 Epping-Kilmore Rd is seeking expressions of interest from buyers and developers after the site was identified in the Wallan Structure Plan for potential employment uses related to the Beveridge Intermodal Freight Terminal (BIFT).
It’s located in a “sought-after” northern growth corridor close to Wallan train station, the Hume freeway and Tullamarine airport, and adjoins the nearby 1100ha property recently acquired by the federal government for the Beveridge terminal.
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While the expansive Wallan property’s asking price is undisclosed, industry sources said it could sell for up to $15m based on recent land sales in the area.
Public records show the block is currently owned by a cattle breeder under the business title Altnaharra Highlad Study Pty Ltd.
Freight rail giant Aurizo has already signed on as a foundation customer of the BIFT, which is forecast to provide more than 20,000 jobs and a more than $3.5bn economic boost per year to the Mitchell Shire municipality, previously touted as one of Victoria’s fastest growing areas.
An example of a freight intermodal terminal. Picture: Supplied
LAWD Property director Paul Callanan said the listed property was a “highly strategic site” that benefited from extensive frontage of more than 450m onto Epping-Kilmore Rd.
“The federal government has committed heavily to (the BIFT) project,” Mr Callanan said.
“This site offers an exceptional landbanking opportunity based on the strength of the industrial market and the importance of freight services in the context of supply chain security.”
The fully-integrated terminal is slated for completion in 2027 and is expected to be up and running by 2029, when freight services will be able to operate across Melbourne, Sydney, Brisbane and Perth.
The Wallan property has been identified in the Wallan Structure Plan for potential employment uses related to the BIFT.
It comes after business executive Dr Kerry Schott conducted a “scathing” review of the planned 1700km freight network in April, revealing that the cost of the Inland Rail project had doubled to $31bn in two years and advising that the Beveridge terminal be made available “as soon as practical”.
A second terminal will also be built in Truganina in Melbourne’s west, however it’s expected to be larger than the Beveridge terminal and will likely take longer to develop.
Dr Schott recommended that both sites should be run by independent operators, but that the National Intermodal Corporation be given preference to develop Beveridge as it could offer open access and has the option for land purchase.
The Herald Sun revealed earlier this year that Infrastructure Minister Catherine King was supportive of both the Beveridge and Truganina facilities, as was the Morrison government which had also committed $1.6bn to Beveridge.
Expressions of interest for the Epping-Kilmore Rd allotment close at 3pm on July 19.
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emily.holgate@news.com.au
