DP World faces huge rent increase at the Port of Melbourne
The Port of Melbourne Corporation has notified DP World Australia that it wants to increase rent at the West Swanson terminal it operates by over 750%.
DP World’s rent would rise from AU$4m (US$3m) a year in 2014 to AU$31m (US$24m) a year from 1 January 2015 and AU$60m (US$47m) from 1 July 2016. It was notified of the increase on 23 December 2014.
Victoria’s Ports Minister Luke Donnellan said that rent was reviewed by an independent valuer every two years, as specified in the conditions of the lease.
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