Salta breaks ground on flagship $500m BTR project in Richmond

Salta has officially broken ground on its flagship Build-to-Rent (BTR) development at 25 River Boulevard, Richmond, marking a major step forward in the expansion of its BTR business, Est.

 

With an estimated end-value of $500 million, the project is the second to be delivered following the success of Fitzroy & Co – Est’s inaugural project which opened in October 2024, and which is now stabilised at 98 per cent occupancy.

 

Reinforcing Salta and Est’s expertise in creating high-quality, lifestyle-focused rental housing in prime Melbourne locations, the delivery of 25 River Boulevard will set a new benchmark for what BTR can offer in Australia, with a unique offering that will see 476 thoughtfully designed apartments across six buildings in a resort-style rental precinct adjacent to the Yarra River.

 

Designed with a strong focus on amenity, sustainability, and community, the project is centered around the idea of ‘mini neighbourhoods’. Each of the six buildings has a distinct identity, fostering resident connection and a strong sense of place. Residents will have access to resort-style amenities including a 25-metre outdoor pool, wellness and fitness centre, co-working spaces, cinema, golf simulator, private dining rooms, a residents’ lounge, and expansive outdoor communal areas.

 

Salta Managing Director Sam Tarascio said the Group is proud to be turning dirt on 25 River Boulevard, a project which is the culmination of decades of planning and work across the broader Victoria Gardens precinct, enabling the site to unlock more quality housing for Victorians.

 

“25 River Boulevard is a landmark project - not just for Est, but for Salta more broadly. We see BTR as a long-term, viable model that addresses Australia’s housing needs with greater resilience and flexibility. As a private business, we’re able to move quickly and invest where we see genuine demand. That means creating homes people are proud to live in, in neighbourhoods they love, with the kind of services and amenity that give them reason to stay for the long term,” said Tarascio. 

 

Salta has long been an advocate for Richmond’s evolution, with a development track record built over three decades that includes the Victoria Gardens Shopping Centre (in joint venture with Vicinity Centres), more than 30,000sqm of commercial space, and over 1,800 apartments delivered across 17 high-quality residential buildings including The Park House and Walmer Residences, located along Victoria Street.

 

With a sustained focus on delivering value for the area, Salta’s contributions to the local community include the upgrade of Walmer Street Bridge and broader Walmer Plaza, enhancements to Williams Reserve, and public infrastructure improvements such as Annette’s Place, where Salta has committed $200,000 to playground upgrades as part of the 25 River Boulevard project.

 

“25 River Boulevard is distinctive not only in its scale and riverside location, but also in its approach to design and community. The six buildings are arranged as a cohesive neighbourhood connected by a central plaza and generous green space. There will be four separate lobbies to foster smaller communities within the larger precinct, while key amenities such as The Conservatory, a modern co-working space overlooking the Yarra, extend the home experience to shared and social environments. The integration of First Nations consultation and public art further reinforce the site’s cultural importance and place-based identity which is already strongly recognised in Victoria Gardens,” said Tarascio.  

 

Located just three kilometres from Melbourne’s CBD, 25 River Boulevard forms part of the Victoria Gardens revitalisation masterplan, a long-term urban renewal initiative driven by Salta, and the Tarascio family, since the early 1990’s. Once the masterplan is complete, Victoria Gardens will contribute more than 3,397 direct jobs, inject approximately $836.5 million annually in direct and indirect value to the Victorian economy, and deliver over 10,000sqm of new public space alongside upgraded community facilities and new connections to the Yarra River. 

 

“Build-to-Rent isn’t just about supplying more housing - it’s about rethinking how we design, build and operate neighbourhoods to reflect how people actually want to live. 25 River Boulevard is part of that broader vision and is an essential piece of our ongoing commitment to Richmond, and the Victoria Gardens precinct,” added Tarascio. 

 

The breaking of ground for 25 River Boulevard was made official with the Premier of Victoria, the Honourable Jacinta Allan, Minister for Planning, the Honourable Sonya Kilkenny, Local Members for the Northern Metropolitan Region, the Honourable Enver Erdogan MP and Sheena Watt MP and Victorian Executive Director of the Property Council, Cath Evans.

 

The Honourable Jacinta Allan, Premier of Victoria said: 

“We’re opening doors for young people by approving more homes to own or rent where you want to live – close to jobs, transport and services.”

“The old status quo gave Australia a housing crisis. In Victoria, we say yes to more homes and more affordable choices for people to rent or buy.” 

Property Council Victorian Executive Director, Cath Evans, said:  

“Melbourne has taken the title as Australia’s largest and fastest growing capital city, with more people than ever seeking experience-led housing close to the vibrant city, transport, and sport and events hub,” said Evans.

 

“Build-to-Rent responds to the lifestyle needs of modern renters - offering security, lifestyle and quality in a way traditional rental models cannot. Salta’s flagship development of 25 River Boulevard highlights the team’s innovation in the BTR space, offering 476 new apartments in one of Melbourne’s prime locations.”

 

Owned and operated by Salta’s in-house Est Operations team, 25 River Boulevard is the cornerstone of Est’s burgeoning BTR pipeline, which spans over $3 billion in value and approximately 4,000 apartments across Melbourne.

 

Construction of 25 River Boulevard is scheduled for completion in Q3 2027.