AFP investigators and Australian Border Force officers at the Port of Brisbane drilled into the concrete blocks and removed 960 packages, each containing about 350g of heroin.
They removed the packages from the concrete before a controlled delivery to the intended recipient in a warehouse in Brendale, north of Brisbane, on March 28.
Police say a Sydney man collected the consignment in a rented truck the next day, which then travelled to an industrial shed in Mount Druitt in Sydney on March 30.
The man allegedly returned to the shed on Friday morning and used industrial tools to cut into the concrete and access the heroin hidden inside the display stands.
The 55-year-old Auburn man was arrested by AFP as he left the shed later that morning.
He was charged with one count of importing a commercial quantity of border-controlled drugs and one count of attempting to possess a commercial quantity of border-controlled drugs, which both carry a maximum sentence of life imprisonment.
Police later seized $700,000 worth of jewellery, mobile phones, cash, hard drives, and notebooks during searches of a number of businesses and homes in NSW and Queensland.
The man faced Parramatta Local Court on Saturday and was remanded in custody to reappear on Wednesday.
AFP Commander John Tanti said removing so much heroin from Australian streets would save lives and deliver a crushing blow to organised criminals who were living large while law-abiding Australians struggled with the cost of living.
“This amount of heroin would cause untold damage in the community and increase the burden on our health system and social services, all in the name of greed for transnational organised crime,” he said.
“The alleged criminals behind this import in Australia and overseas are now more than $268 million out of pocket and an alleged key member of their syndicate is facing life imprisonment.”
Further arrests have not been ruled out.