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Salta's Walmer project adds to the Victoria Street apartment surge

Salta Property Group has opted to transform a site with approval for a 5 Star Green Star design rated ‘A Grade’ office building into premium apartments. Already heavily active within the Victoria Street Precinct which straddles both Richmond and Abbotsford, Salta have elected to add 109 high-end apartments on the site which faces the Victoria Gardens complex.

With basement works completed onsite some years ago, the site has languished thereafter while Salta has pursued surrounding apartment developments. Not having been able to secure a tenant for the commercial project, Salta initiated the residential application process with Yarra City Council in recent months.

Designed by Bates Smart, the building will present as a 'U' shaped structure with an adjoining mezzanine stair expected to lead to the bank of the Yarra River.

Hero perspective of the intended development. Image courtesy Bates Smart

647-649 Victoria Street application summary

  • Corner of Victoria Street and Walmer Street.
  • Vacant site with completed basement
  • Site area of 3,500sqm with 62.18m frontage to Victoria Street
  • 10 level building at 39.05 metres in height
  • 109 dwellings: 44 x 1BR, 40 x 2BR, 25 x 3BR
  • Apartments sizes from 53sqm to 154sqm
  • 179 on site car spaces and 30 bicycle spaces
  • Porte Cochere, Pool/Gym/Sauna and lounge/library plus residential amenity areas included
  • Walmer Plaza running to the river's edge
  • Project cost: $55 million
The approved commercial building is now likely consigned to history. Image courtesy Colliers

The insatiable appetite for Victoria Street Precinct apartments

Usurped by the current proposal, the approved office development who's permit would have expired during 2016 was to have seen 12,692sqm of office space added, in addition to a retail outlet and conference facility. The drift from commercial to residential use is not particularly surprising given the area's surrounding context.

Recent years have seen the completion of apartment projects by developers Fusion Property Group, Salvo and Hamton in addition to Salta which remains the biggest property player in the area. These various projects amount to a very substantial 1,818 dwellings being added to the precinct, in addition to 93 serviced apartments delivered by Salta and operated by Quest.

Salta also has the final stage of A Place To Live under construction with 63 apartments in tow while Hamilton Marino are working on Blue Earth Group's Playhouse apartment project with a further 310 dwellings under construction.

Furthermore Supply & Co which is at sales will add another 139 apartments to the mix while numerous other projects are at planning assessment or approval.

Salta's shift to apartment development

Green Square is now part of the Victoria Street landscape

Active across all sectors of development, Salta have made a concerted effort to bolster their residential pipeline for the coming years. Victoria Street Precinct will see two additional projects, with the second stage of Green Square diagonally opposite Victoria Gardens due to be released during 2016.

Also nearby in Salta's keeping is 25-35 River Boulevard with near on 500 dwellings approved. Elsewhere Salta have Essence South Yarra under construction, with 699 La Trobe Street, the Preston Market redevelopment and a joint venture with Asia One for 63 Exhibition Street set as forthcoming residential projects.

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