Approximately 66 hectares of land at the Orica site in Deer Park has been sold.
Orica confirmed that stage one of the sale of surplus land in Deer Park to UniSuper has been completed for $260 million, with all sale conditions having been met and cash settlement completed on February 14.
The land is about around half of Orica’s total surplus land holdings at Deer Park.
The sale will not affect the ongoing operations of Orica or its tenants on the bordering industrial precinct and will allow Orica to continue to focus on its core manufacturing and customer operations at Deer Park.
The remaining surplus land at the site is expected to be offered to the market in the future, pending the completion of remediation activities, securing approvals from relevant authorities, and supportive market conditions.
Orica first announced in 2021 that it would be selling the land, which is part of a decommissioned explosives manufacturing and storage site.
Orica began using the 150-hectare site for the manufacturing, storage and dispatch of explosive materials in 1875.
The company plans to develop the site in two stages.
A report produced by Charter Keck Cramer in 2021 when the sale of the land was announced, said the property represents an opportunity to create a high-quality master-planned commercial and logistics estate.
It described the site as the largest vacant landholding of its type in Melbourne.
The proposed Ballarat Road Light Rail will connect to the northern section of the site, while the future Outer Metropolitan Ring Road will also be nearby.
