Like many former manufacturing sites, the land will need a clean-up.
“Orica will continue to be responsible for remediating the property and obtaining statements of environmental audit,” said Charter Keck Cramer, which has been appointed to handle the transaction.
The land is bordered by the Western Ring Road, Tilburn Road, Ballarat Road and the Kororoit Creek.
Industrial land deals of this size are rare. Midway through last year, new entrant ESR Australia paid around $75 million for a 79-hectare englobo development site at 590-620 Western Port Highway in Cranbourne West.
ESR will develop its land into a logistics hub worth about $450 million.