Bank offloads major Porter Davis site

Porter Davis Projects paid $6 million for the Craigieburn block in 2015.

The Commonwealth Bank of Australia has sold a Craigieburn development site until recently controlled by failed home builder Porter Davis.

The 8.09 hectare parcel covering 1360 and 1370 Mickleham Road is believed to have collected $18 million – a 10 per cent rise on expectation when it was listed in July.

In a show of how fast values are booming in the growth corridor, Porter Davis Projects paid $6m eight years ago.

The buyer is a China based land banker.

CBRE’s David Minty, Nathan Mufale and JJ Heng were the agents.

KPMG’s David Hardy, John Lindholm and Will Colwell are acting for the CBA, which controls other Porter Davis assets; the home builder crashed in March.

Craigieburn, covered by the Hume City Council, is 25 kilometres north of Melbourne’s CBD (story continues below).

Surrounded by Peet

The Craigieburn property was expected to pique the interest of Peet, which controls the neighbouring and sold-out 147ha Aston estate as well as a 14.6ha block to the north (1390 Mickleham Rd) and 11.8ha parcel to the south (1340 Mickleham Rd).

The sale comes three months since Frasers Property Australia bought a 41ha industrial development site in the suburb from Cadence with plans for a c170,000 square metre business park.

Also last quarter, Amazon pre-committed to what will be Australia’s largest distribution centre, with 209,000 sqm, in the suburb.

In April meanwhile, IP Generation settled on a $300m purchase of Craigieburn Central from Lendlease.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of