First stage approval for new Canadian container terminal development

Sure bet: The proposed Novaporte container terminal and Novazone logistics park has been called a ‘game changer’ for the area Photo: Novaporte Sure bet: The proposed Novaporte container terminal and Novazone logistics park has been called a ‘game changer’ for the area Photo: Novaporte
Industry Database

A regional council in Canada has approved an agreement to lease or sell a parcel of Port of Sydney land to a private consortium to build a new container terminal and logistics park.

The agreement between the Cape Breton Regional Municipality (CBRM) and the developers of the proposed Novaporte container terminal and Novazone logistics park, has been called a ‘game changer’ for employment in the region.

In a report to the council, Richard Deslauriers, partner at PricewaterhouseCoopers (PwC), which reviewed the transaction on behalf of municipality, said the transaction: “Meets CBRM’s goals and is a low risk approach for encouraging economic development.”

Good bet

PwC was hired by CBRM to assess the reasonableness and adequacy of the proposed transaction of the port site lease and logistics site purchase.

CBRM’s goals in the transaction are to recoup its investments, secure future tax revenue and encourage job creation.

Mayor Cecil Clarke said: “The acceptance of these agreements allows the developers, Sydney Harbour Investment Partners, to proceed in the marketplace with the terms of the arrangements with the land owner, in this case the municipality, finalised.”

Detailed terms of the agreements are not publicly available at this time, but PwC’s analysis recognises that if the municipality proceeds with the purchase, it will recoup its investments, collect tax revenue that covers the full cost of services provided, as well as additional amounts which reflect the project’s success going forward.

LATEST PRESS RELEASES

ShibataFenderTeam supports PIANC Young Professionals

As one of the world's leading fender specialist, we consider it our responsibility to do our part fo... Read more

NEW CRANE ENTERS SERVICE AT WARRENPOINT PORT FOLLOWING £3 MILLION INVESTMENT

Warrenpoint Port has commissioned a new crane and has commenced the refurbishment of two other crane... Read more

Bigger share of modal split envisaged for inland shipping in the Baltic Sea Region

A vision for inland waterway transport (IWT) in the Baltic Sea Region as well as means to strengthen... Read more

QTerminals reaches new container and cargo handling milestones in record time

Over two million containers and five million tonnes of cargo handled Read more

Bendezu Port Equipment delivered two GOTTWALD HMK 6407 B from BELGIUM to SPAIN

Bendezu Port Equipment GmbH, an international trading company offering second-hand port equipment, h... Read more

View all