Salta intends to ramp up construction of Green Square, Abbotsford project after $61 million Port Melbourne office block sale
Salta Properties has secured the $61 million sale of its office and warehouse complex at CitiPort Business Park in Port Melbourne to the listed property group GPT.
The business three zoned complex at CitiPort (pictured below) comprises 28,000 square metres of office and warehouse facilities over five storeys with basement car parking.
Salta developed CitiPort 13 years ago, being one of the first to develop in the Port Melbourne precinct.
Its other estates include CitiLink Business Park, which it has sold previously, and Gateway@Port Estate, which Salta still owns.
“CitiPort has also been Salta’s head office since it was developed, and we will continue to occupy under lease for the time being,” Salta Properties managing director Sam Tarascio says.
The sale was negotiated by Tony Iuliano, national director industrial at Colliers International, and colleague Rob Joyes.
Tarascio says that the sale is in line with its business strategy and it intends to use the proceeds of the sale to advance Salta’s development pipeline.
“Following the successful sale of CitiPort Business Park, we are in a strong position to expand and accelerate the delivery of our substantial development pipeline and to take advantage of attractive opportunities as they come to market.
“We can now transfer capital towards new opportunities and existing developments, beginning by ramping up construction for projects at Green Square in the Victoria Gardens Precinct and at the dynamic Nexus Business Park,” Tarascio says.
The 2.55-hectare Lorimer Street building has a total building area of 28,000 square metres. There is a car park for 567 vehicles. Its fully leased net income was given as $5.5 million annually.
