Salta buys site in Richmond for $51 million for office towers

Salta Properties has paid $51 million to acquire a site in the Melbourne inner suburb of Richmond. 

The site at 459-471 Church Street has frontages to Church, Shamrock and Brighton Streets, and is on the doorstep of the East Richmond Railway Station.

The 5,276 sqm site is one of the largest within Melbourne’s inner city suburbs and Salta has plans for over 25,000 sqm of office space, a childcare facility, and ground floor amenities across three buildings. 

Salta Properties managing director Sam Tarascio said Richmond was one Melbourne’s sought-after hubs for technical innovation and blue chip office space. 

“Salta considers 459 Church Street to be the best available commercial development site in Melbourne outside of the CBD,” he said. 

“We are confident this property will mirror the success of our commercial developments at Victoria Gardens Corporate and Nexus Corporate and we are eager to progress to the next stage of planning.” 

The development will have food and beverage offerings, childcare, a medical clinic, rooftop terraces and co-working spaces mixed in over three buildings. The development will also have a 6-star Green Star rating. 

The site was sold through JLL’s Lincoln Reynolds,  Langton McHarg and Marcus Quinn.