Billionaire Sam Tarascio’s Salta Properties has won approval for a 473-apartment build-to-rent development on the Yarra riverfront on Melbourne’s fringe.
Yarra City Council’s planning decisions committee has given the go-ahead for the six buildings, which will rise up to eight storeys on vacant land in Richmond, just 4km east of the city centre.
The purpose-built development, with expected construction costs of up to $200 million, is on three lots nestled between the river and the eastern edge of the Victoria Gardens shopping centre.
Salta Properties Managing Director, Sam Tarascio—eldest son of the founder—said 25 River Boulevard would be the flagship development in Salta’s extensive build-to-rent pipeline.
“The design provides direct connectivity with the Yarra River and will deliver new and expansive private and public open spaces for both the residents and the community’s use,” said Tarascio.
More than 6000sq m, or about a third, of the irregularly shaped 20,932-sq-m property, will be given over to communal open space. The site has a river frontage of 237 metres.
The Bates Smart-designed buildings include 220 two-bedroom apartments, 213 single bedroom and 40 studios, with a variety of shared spaces including dining rooms, co-working spaces, pool, gymnasium and a wellness centre.
Basement parking will allow for 200 cars and 500 bicycle spaces, although in approving the plans, Yarra’s planning decisions committee insisted four car-share parking spaces be added, as well as charging facilities for electric bicycles.
The committee said it had considered 89 public submissions on issues such as the impact of the scale and design of the buildings, overshadowing and noise, traffic and transport, potential flooding and concerns over property values.
Under the conditions of the approval Salta has been asked to spend up to $200,000 redeveloping or relocating Annette’s Place, a playground on a small reserve next to the Yarra walking trail, and at the southern end of the proposed development.
Salta’s latest plans come hard on the heels of a joint venture with Vicinity Centres for a $900-million redevelopment of the neighbouring Victoria Gardens Shopping Centre.
That development will see 1679 one-, two- and three-bedroom apartments in more than half a dozen buildings ranging up to 17 storeys with about 45,000sq m of new retail and commercial space.
Salta says it has established an integrated development, operational and investment capability to deliver a pipeline of build-to-rent projects which exceeds 3500 apartments, making it one of the biggest in Australia.
The River Boulevard development is expected to create more than 600 direct and supply chain jobs during construction, which will begin later this year.
