A NEW Abbotsford development is set to transform a former factory site turned vacant lot into prime riverfront real estate worth up to $6 million.
It’s likely to be one of the final pieces in an urban uplift transforming the industrial past along the Yarra River’s inner-suburban banks.
Salta Properties managing director Sam Tarascio said their latest project, Walmer, wouldn’t just open the site to future residents but also provide an opportunity to renew the rivers edge.
“A lot of these sites on the river have been very closed off and have prevented use of the river,” Mr Tarascio said.
“We also have the Park House next door and across the two sites the whole river bank will be rejuvenated and revegetated.”
At a time when Melbourne units are falling in price, developer Salta is going upmarket, targeting the wealthy demographic of baby boomers who want luxury and will pay for it.
Read the article from the AFR.
THE AUSTRALIAN: Private Melbourne developer Salta Properties is shifting strategy to focus more on office and industrial projects as the city’s apartment market weakens.
Despite years of worries about an oversupply of units in inner Melbourne, Salta managing director Sam Tarascio warned that levels of new supply are now dropping fast at the same time as a growing population is looking for rental options.
Salta Properties has welcomed the City of Yarra’s unanimous decision to approve its development plans for a $390m+ mixed-use project across the 14,766m2 site adjacent to Victoria Gardens Shopping Centre in the heart of Richmond.
Designed by award-winning architects, Rothe Lowman and located on the south-west corner of Victoria Street and River Boulevard, the prime location led Salta to design a truly mixed-use project comprising residential, commercial office and retail spaces* across five buildings ranging from seven to 13 storeys.
The stand-out development boasts a unique and innovative 3,000m2 linear park designed by landscape architects, ASPECT Studios to provide seamless connections between the buildings.
Serving the surrounding community, Salta has sought to bring the entry of the existing Victoria Gardens Shopping Centre to the River Boulevard, along with providing an additional 775 carparks across four basement levels, a medical centre, childcare facility and restaurant precinct.
“In close to proximity to Melbourne’s CBD and the tranquil Yarra River, this development sits in the heart of Richmond, making it an unrivalled site for Salta Properties to offer a design solution that will become the very best place to live, work and shop,” said Sam Tarascio, Managing Director at Salta Properties.
Responding to the current property climate, Salta Properties plans to explore a build-to-rent model with this project, which comprises of 426 dwellings with a mix of one, two and three bedrooms over the five separate apartment buildings.
Committed to innovation and thought leadership, Salta Properties was one of the first Australian developers to announce a build-to-rent model with 16 floors of residential stock at 699 La Trobe Street in Docklands in early 2017.
Building on the strong commercial leasing environment and low vacancy rate within the Precinct, Salta Properties will seek to immediately offer the three level 3,500sqm office and 5,500sqm restricted retail to the market.
Salta Properties will be seeking to commence construction of the development over the coming year. For more information on the leasing opportunities at this development, please visit www.salta.com.au
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Monash Council have approved our application for a 15 storey building comprising of a hotel, offices, multi-deck car park, gymnasium and commercial car wash at 12 Nexus Court, Mulgrave.
Blockchain technology firm Blockchain Tech (BCT) has secured a new office lease at the Salta Properties-owned Nexus Corporate Park in Melbourne
BCT will pay a net annual rent of $325 a square metre for the 512sq m office
Two Melbourne businessmen are expected to show great interest in a Richmond property between their two respective development sites.
Sam Tarascio and Bobby Zagame own blocks either side of 475 Church Street, which was listed for sale last week, and is speculated by sources to be worth about 13 million.
Tribe Hotels has secured a site in Langridge Street, Collingwood.
Local developer Joseph Chahin has sold part an enormous Collingwood property he bought four months ago to Tribe Hotel Group – a joint partnership between co-founders Mark and Melissa Peters with the Victor Smorgon Group and Salta Properties.
Chahin’s Peregrine Projects is banking an as yet undisclosed sum for the 1056 square metre site known as 60 Langridge Street.
The land forms part of a 3000 square metre property marketed as 60-88 Langridge Street, and which Peregrine acquired for a reported price of about $27 million.
“The sale to Tribe Hotel Group is the first step in a five-year re-development plan and the intended hotel usage cements the precinct as an iconic destination point,” Mr Chahin said.
Peregrine also plans to build office buildings on the site, currently configured with a low rise office building and car park.
The off-market sale to Tribe was negotiated by Colliers International Associate Director – Hotels, Guy Wells.
Tribe opened its first hotel in Perth eight months ago. It is set to open hotels in Hobart and Adelaide before expanding into international markets.
Developer Salta Properties has emerged as the $51 million buyer of a large site in Church Street as it looks to capitalise on surging office demand in Richmond, an inner-city Melbourne suburb dubbed “Silicon Yarra”.
Salta, best known for its Victoria Gardens project at the northern end of Richmond, has put its foot on a two-storey corner building at 459-471 Church Street in the southern fringe of the suburb, where it plans to build 25,000 square metres of office space across three buildings.
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