Source: Urban Developer
Melbourne developer Salta Properties has been given the green light for a $390 million five-tower project in Melbourne’s Richmond featuring build-to-rent apartments.
Yarra council approved the 426-apartment project, spanning a 14,000sq m site which sits adjacent to the developer’s Victoria Gardens Shopping Centre.
The property group has plans for a build-to-rent model, rather than for-sale, offering a mix of one, two and three bedrooms.
Salta Properties was one of the first Australian developers to announce a build-to-rent model with its 16-storey La Trobe Street, Docklands residential development in 2017.
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Architects Rothelowman have designed the mixed-use space, which will offer residential, commercial office and retail across the five towers, ranging from seven to 13-storeys. Landscape architects Aspect Studios have designed a 3,000sq m linear park that will connect the five buildings.
Salta Properties managing director Sam Tarascio says the development’s location “in the heart of Richmond” makes the south-west corner of Victoria Street and River Boulevard an “unrivalled site” for the developer.
Salta Properties will immediately offer the three-level 3,500sq m office and 5,500sq m retail to market thanks to Melbourne’s strong commercial leasing environment, with development construction due to commence in the coming year.
Editors note: It will be interesting to monitor how projects like this impact rental vacancy rates and rental affordability in the coming years.
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