Sunday 20th Oct, 2019

Port of Brisbane signs 33-year lease extension

Port of Brisbane grain terminal. Photo: Port of Brisbane
Port of Brisbane grain terminal. Photo: Port of Brisbane

Port of Brisbane has approved a 33-year extension of Qube Logistics’s existing lease on Fisherman Islands, incorporating an expanded area, taking the total lease area to 36.2 hectares.

The extension takes the fixed lease period to 40 years and increases the total lease area by 4.88 hectares (adjacent areas) to support Qube’s long-term growth.

As part of the agreement, Qube will undertake capital investment into the existing and new lease areas and facilities within five years.

Port of Brisbane CEO, Roy Cummins, welcomed the agreement and said Qube’s commitment to continue operating at the Port for another four decades was testament to the operational and logistical benefits of being located on-island.

“As Port Manager for the next 90-plus years, we are focused on working with existing and new customers: supporting their long-term growth and expansion plans to create shared value,” Cummins said.

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“Qube is a major operator in the ports and logistics industry, and their ongoing – and growing – presence here at the Port of Brisbane speaks to the important role the port plays in facilitating trade growth not just for our customers, but for Queensland.

“One of the Port of Brisbane’s industrial property strengths is our flexibility – we have one of the largest industrial landholdings in south-east Queensland. In addition to bringing new land online at our 224 hectare Future Port Expansion Area on Fisherman Islands, we also can offer available and configurable greenfield land spaces for medium-to-large developments, compared to a lack of industrial sites elsewhere in the region.”

Qube Logistics Director, John Digney said the company is excited by the opportunity to commit to its long term investment in the Port of Brisbane.

“This will give us the certainty in Queensland to further develop our sites to provide market leading integrated logistics solutions by an Australian company.”