Work is set to start in 2022 on the construction of the interstate rail terminal at Moorebank Logistics Park.
That’s one of the outcomes of the finalisation of the $1.67 billion acquisition of the warehousing component of Qube Holdings Ltd Moorebank development.
Moorebank Intermodal Company (MIC) has announced it has provided consent to the acquisition by Asia-Pacific logistics provider LOGOS and its partners.
MIC says the acquisition will pave the way for accelerated investment in the precinct.
“The development of Moorebank Logistics Park’s interstate rail terminal is a critical step towards helping to address Australia’s growing freight logistics challenges,’’ says MIC chair, Erin Flaherty.
“Once completed, the interstate rail terminal will connect businesses with their customers and suppliers faster and more efficiently than ever before, both in Australia and overseas.
“This will facilitate two broader and more efficient market access for Australian businesses and a renewed competitive advantage.
“We’re pleased to be partnering with Qube Holdings and LOGOS to deliver a state-of-the-art terminal that will assist in reinvigorating competition within the rail freight market and enhancing the effectiveness of rail services to industry throughout the east coast,” Ms Flaherty said.
James Baulderstone, the chief executive officer of MIC, said the government’s endorsement of the LOGOS consortium investment and interstate terminal joint development caps off a year of significant achievements for the company.
“MIC has now established itself as a successful and respected logistics participant,’’ he said.
“We were pleased to recently obtain the support of ANZ and Mizuho for a five-year unsecured $200 million revolving debt facility demonstrating both domestic and international lender confidence in the Commonwealth’s strategic direction and our capabilities.
“Over the past 12 a number of important milestones have been achieved.
“We finalised terms for the final stage of land preparation works across the old School of Military Engineering Defence site which has paved the way for the critical interstate rail terminal to commence construction next year.
“MIC has also recently taken over as development manager for the Moorebank Avenue re-location works, a high-volume public road which, when completed, will significantly improve local area commercial and general public traffic flows.
“MIC will also shortly take over the custodial responsibilities for more than 100 hectares of conservation areas enabling us to better deliver environmental and social benefits to local communities,” Mr Baulderstone said.
