Approval for build-to-rent project to revitalise the Victoria Gardens precinct

Salta Properties has unveiled plans for its flagship purpose-built, build-to-rent development at 25 River Boulevard, Richmond, following the Development Plan Approval by the City of Yarra’s Planning Decisions Committee.

Uniquely located alongside the tranquil banks of the Yarra River, linking to the eastern edge of the Victoria Gardens Precinct, 25 River Boulevard will offer an abundance of the highest quality onsite amenity in addition to having retail convenience on its doorstep.

Salta Properties Managing Director, Sam Tarascio said the newly approved plans align with Salta’s focus on turning its expertise to the emerging build-to-rent industry.

“25 River Boulevard will be the flagship development in Salta’s extensive build-to-rent pipeline and reflects our commitment to creating vibrant, amenity-rich communities with unrivalled design.

“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 Mr Tarascio.

More than 6,000sqm, or over a third of the completed site will be dedicated to landscaped communal open space.

25 River Boulevard aligns with Salta’s strong commitment to sustainability and providing its residents with a home that has been designed with health and wellbeing in mind. The project will be powered by 100% renewable electricity with zero gas and is targeting a 5 Star Green Star Buildings certified rating and 1 Star Fitwel rating.

The thoughtfully designed architecture by award-winning, Bates Smart, weaves an urban resort-like splendour into the development’s natural river sanctuary, creating luxurious comforts that are sympathetic to its natural surrounds.

The porte cochere entry plaza creates a sense of arrival for residents and visitors and provides direct connectivity to the Yarra River corridor. Residents will enjoy premium shared spaces including private dining rooms, co-working spaces, pool, gym, a wellness centre which includes spa and sauna; and plentiful landscaped areas to name just a few.

25 River Boulevard, Richmond will provide 473 apartments featuring a diverse mix of studio, one bedroom and two bedroom apartments together with 200 onsite car spaces and 500 bicycle parking spaces designed and delivered exclusively for residents.

With an expected $200m construction cost, the project is predicted to deliver approximately 607 direct and supply chain jobs during its build and a further 35 during its operational phase. Construction is expected to commence late 2023 with the first residents to move in 2025.

25 River Boulevard follows the recent unveiling of plans by Salta and Vicinity Centres, the Doonside Precinct, another major build-to-rent project which will evolve the Victoria Gardens precinct into a sustainable urban village in the heart of Melbourne’s inner-city Richmond.

In addition to 25 River Boulevard, and the Doonside Precinct, Salta has recently completed a smaller pilot build-to-rent project partnering with Moda in Malvern East and has a second pilot project under construction at 249 Queens Parade, Fitzroy North, due to open in April 2024.

These four projects comprise over 1750 apartments within the first stage of Salta’s market leading Build-to-Rent pipeline.  Combined with other locations under Salta’s ownership, Salta’s pipeline of build-to-rent exceeds 3,500 apartments across multiple prime locations for high quality rental product. Salta has established integrated development, operational and investment management capability to deliver and manage the build-to-rent portfolio, which will be one of the largest in Australia.