Orica plans $100m land sale

 

Mining explosives manufacturer Orica is hoping to earn $100 million in the future sale of land at its Deer Park site on the outskirts of Melbourne.

As reported in the Australian Financial Review, the company’s chief executive Ian Smith has been pushing for the sale since his appointment about a year ago. He is restructuring the organisation and is also aiming to improve productivity.

The historic Deer Park has been the site of continuous chemical manufacturing since the 1880s and was also home to a munitions base during World War II.

As such, the site is contaminated with lead and the profit from any sale would have to factor in the cost of remediating the land. This would be a multimillion-dollar operation which would take several years to complete.

The company is in discussions with Brimbank Council to integrate the property into the local economy. Some of the land has heritage value and would be preserved. In addition, there is a possibility that half of the land could be rezoned and developed as a business park.