Melbourne dispute canned by rent agreement
A new lease has been granted to DP World Australia by the Port of Melbourne Corporation (PoMC) for the port’s West Swanson Terminal, putting an end to months of disagreements between the two parties.
The new lease will grant 50-year tenure to DP World Australia to 2065 under a lease with “key performance indicators, efficiency incentives, and most importantly, known fixed escalations for the next 13 years” – making it a mutually beneficial outcome.
“The longevity of the lease tenure represents a strong vote of confidence in the Port of Melbourne by an important tenant and ensures it remains competitive with respect to estimated rent costs at other Australian ports,” Mr Easy concluded.
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