In quite a large sale for the Melbourne suburb of Richmond, developer Salta Properties has paid $51 million for 459-471 Church Street. Salta Properties is owned by Salvatore (Sam) Tarascio of East Melbourne. The family company began life as a one-warehouse operation in the 1970s and is now one of Australia’s largest privately-owned companies dealing with development projects across all the market’s sectors.
The property was originally bought in two parcels in 1971 and 1988 by companies associated with Salo Rabinowitz of Brighton and the Fuchs family of Toorak for a total of $433,124. According to Richmond Cityscope it currently is comprised of several buildings, including a two-level retail/commercial building to Church Street, a single-level brick warehouse to the rear, a discontinued road and vacant land used for parking around 66 vehicles, plus a former single-level workshop converted for use as a retail space.
The new owner reportedly has plans for a development that will include 25,000 sqm of office space across three buildings, cafes, a childcare centre and a medical clinic.