A unique parcel of land, that has long been on the ‘most watched’ list of urban developers due to its size of 1.167 hectares and impeccable views of the Melbourne city skyline, has been secured by leading property developer Cedar Woods for $50 million.
Situated just 4.2 kilometres from Melbourne’s CBD, the Porta Park site on Heidelberg Rd, Fairfield, has been held by Porta Moldings since 1921, and was exclusively offered for sale for the first time in 100 years by LAWD’s Lukas Byrns, Paul Callanan and Peter Sagar.
Mr Byrns said the expanse of the 11,666sqm Porta Park site in the leafy suburb of Fairfield made it an attractive proposition for Cedar Woods to develop a collection of iconic mixed-use apartments featuring park and city views.
“The sale of Porta Park is a strong sign of the continual improvement we are seeing in the residential market in Melbourne, underpinned by the severe undersupply of housing, low vacancies, and assured population growth,” Mr Byrns said.
“We have seen an influx of activity for well-located apartment sites this year. Cedar Woods is planning a significant build and will have premium product to sell into a rising market in the next 12-24 months.”
With the offer of flexible Commercial 1 Zoned land (C1Z) and clear planning pathways for development approval, Mr Byrns said Porta Park attracted solid interest from a variety of investors.
“This particular campaign attracted interest from developers interested in build-to-sell, retirement complexes, and build-to-rent, as they position themselves to supply apartments in an improving market,” he said.
The leafy suburb of Fairfield represents the best of Melbourne’s inner north, featuring the boutique Station Street shopping precinct, easy access to walking trails and sports grounds along the Yarra River, and close proximity to education, health and transport facilities.
Porta Park adjoins 260ha of parkland, including the Yarra Bend Golf Course, and benefits from dual-road access onto Heidelberg Road and Yarra Bend Road, with easy access to the M3 Eastern Freeway and High Street.
The site is a short walk from train stations along the Hurstbridge line, is close to educational facilities including primary and secondary schools and Melbourne Polytechnic, and a short distance from St Vincent’s Private and the Austin and Mercy Hospitals.
