Fairfield: Developer splashes $50m on Heidelberg Rd site

Part of the Porta Park site at 224 Heidelberg Rd, Fairfield, which has sold.

A former timber supply and manufacturing centre in Melbourne’s northeast has sold for $50m with the buyer hoping to build hundreds of homes on the site.

In 1921, bellows manufacturers J Porta and Sons moved from their Little Lonsdale St base to the 224 Heidelberg Rd, Fairfield, address.

Now known as Porta Mouldings, they operated from the location for decades before Porta Investments Pty Ltd applied to Yarra Council for permission to build 334 homes, including towers up to 13 storeys in height, about five years ago.

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The council rejected the proposal in a decision that was later upheld by the Victorian and Administrative Appeals Tribunal, according to City of Yarra records.

However, developer Cedar Woods has now purchased the 1.167ha block.

Commercial real estate agency LAWD’s Lukas Byrns said that there were no current approved plans to build residences on the site but that he believed Cedar Woods was looking to construct about 300 homes, including apartments, there – pending approval from the relevant authorities.

The site is located 4.2km from Melbourne’s CBD.

Mr Byrns said that at the moment, developers generally had increased confidence in Victoria’s planning pathways including the state government’s Development Facilitation Program.

The recently-expanded DFP has streamedlined planning processes for medium- to high- density residential developments that meet set criteria, such as having constructions costs worth at least $50m for projects within Greater Melbourne and providing at least 10 per cent affordable housing.

And Victoria’s Minister for Planning is now the decision maker for significant residential developments that include affordable housing.

But at this stage, it is unknown as to whether oversighting any future development plans for the Heidelberg Rd site would fall to the minister, the local council or both parties.

The 1.167ha block has frontage to parklands on three sides, close to the Yarra River.

Mr Byrns said that the Porta Park campaign had attracted queries from developers interested in build-to-sell, retirement complexes and build-to-rent projects.

“We have seen an influx of activity for well-located apartment sites this year,” he added.

“Cedar Woods is planning a significant build and will have premium product to sell into a rising market in the next 12-24 months.”

The Fairfield site comes under a Yarra Council heritage overlay.

It features a circa-1920s brick building and a chimney stack with “PORTA” spelled out in cream bricks.

LAWD’s Paul Callanan and Peter Sagar also worked on the Porta Park sales campaign.

Earlier this month, LAWD senior director Peter Sagar and Mr Callanan had the listing for a 68.77ha Clyde North site that changed hands for about $250m.

Brown Property Group, headed by ex-Blues Premiership player Fraser Brown, bought the Tuckers Rd address where more than 1290 homes could be built subject to planning approval.

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