Millers Road, Altona North was acquired in December 2007 and is a 13.9 hectare parcel of "Industrial 3" zoned land held in 50:50 joint venture with AMP Capital Investors. The site is located 13.2 kilometres from the Melbourne CBD and 2.5 kilometres from the Westgate Freeway and Western Ring Road.

During the year, the joint venture funded the construction of an internal road and progressed the sub-division of the land into two super-lots which has significantly improved access to the site. Whilst already approved for bulky goods development, the joint venture pursued a rezoning of the site to "Business 3" which was exhibited on 19 July 2012. The potential rezoning provides greater flexibility in respect of development opportunities for the site and as such the joint venture is now examining these possibilities.

Negotiations are progressing well with key tenants who have expressed an interest in being located in Melbourne's western corridor. Tenant pre-commitment is a necessary requirement for the commencement of the first stage of the development. Additionally, recently proposed changes to the retail planning framework by the Victorian Government may benefit the site through the introduction of planning controls designed to create more competitive retail and commercial outcomes.