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As a former Solicitor, this is what I would do.
First, engage the services of a good solicitor to act as your agent. The only way land can be compulsorily acquired is through and Act of parliament or the Australian Constitution and it must be done by a government department. Mining aside, this is just storage and to the best of my knowledge (as limited as this is now) a company cannot just simply acquire or come and squat on your land.
Secondly, contact your local sitting members both State and Commonwealth and discuss the matter with them.
Third, do not sign anything or agree to anything until you have done the first two things. There is no need to think they will come in and just take something from you. Even the government must pay on just terms and given the development on your property they cannot pay a random fee.
Seek advice is my advice.
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