Deal close on Amcor site
Sources close to the sale say a little-known medium-tier developer is behind a $130 million offer for the 16.5-hectare site that becomes unconditional next month subject to Yarra Council's planning controls being changed.
Amcor ceased its operations on the corner of Chandler Highway and Heidelberg Road last December.
Demolition of the factory buildings and clean up of waste on the site will make way for a 3000-strong neighbourhood.
But residents want enforced height controls, a school, community centre, sustainable development and protection of the riverfront included in planning considerations.
The packaging giant has been negotiating with the City of Yarra to amend planning controls that require statutory consultation and approval from the community. Instead, it hopes to negotiate a more flexible development overlay and has agreed to draft height requirements up to 12 storeys.
The Alphington Paper Mill Action Group, which previously rejected the proposed overlay changes, said it would support them ahead of a council vote on Tuesday.
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Amcor is moving closer to selling its redundant Alphington factory site after community groups supported proposed planning changes. Sources say there is a $130 million offer from a little‑known medium‑tier developer, with the sale set to become unconditional next month if Yarra Council’s planning controls are amended.
The Alphington site is about 16.5 hectares and sits on the corner of Chandler Highway and Heidelberg Road, where Amcor ceased operations last December.
Demolition of the factory buildings and cleanup of waste are planned to make way for a new neighbourhood designed to accommodate around 3,000 residents.
Sources say a little‑known medium‑tier developer has lodged a $130 million offer for the Alphington site; the deal becomes unconditional next month if required planning changes are approved by Yarra Council.
Amcor has been negotiating with the City of Yarra to amend planning controls to avoid statutory community consultation and approval. Instead, it is seeking a more flexible development overlay and has agreed to draft height limits up to 12 storeys.
Residents are asking for enforced height controls, a school, a community centre, sustainable development measures, and protection of the riverfront to be included in planning considerations for the redevelopment.
The Alphington Paper Mill Action Group, which previously rejected the proposed overlay changes, said it would support them ahead of a Yarra Council vote on the matter.
Investors should watch the Yarra Council vote on the proposed planning control amendments, the timing when the sale becomes unconditional next month, and any confirmed development plans (including height limits up to 12 storeys), as these factors will influence project risk, timeline and potential value creation for the site.
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