The Victorian government has bought Holden’s Fishermans Bend site for a reported $130 million, and has said it hopes to only hold the site temporarily and to see it turned into an advanced industrial hub.
AAP reports that the state government would like to turn the 37.7 hectare site, which Holden has occupied since 1936, to be into a design and engineering precinct for aerospace, marine, defence and automotive.
Holden announced in late-2013 that it would stop manufacturing in 2017.
Victorian industry and employment minister Wade Noonan said the government didn’t intend to “hold on to the site forever” but to protect its value and put it back onto the market.
“What could have happened with this site if it was picked up by others in the market would be that it could have ended up being a lower-value, perhaps warehousing logistics or an industry park,” Noonan told the ABC.
“The Victorian Government’s decision to purchase this is really about ensuring highest value.”
The site includes 16 hectares of factory floor space and represents 30 per cent of the industrial land in Port Melbourne.