Salta sells Preston Market stake
Salta has sold its 50 per cent stake in the tired Preston Market to Sydney-based co-owner Medich Corporation, which will go about a redevelopment alone.
The pair will maintain a partnership in the pocket, holding a neighbouring block on Cramer St, acquired in 2017 for c$8 million.
The 5.1 hectare market site set them back $36.75m in 2004.
Another $4m was spent on a renovation, not affecting its cosmetics, nine years ago.
Several retail redevelopment proposals failed with Darebin council – the first which added a 28 level apartment building on part of the car park.
Another plan which would have seen over 2000 dwellings in buildings up to 19 floors around a shopping precinct was rejected before a permit was issued for 10 and 14 storey complexes, which was never exercised.
Recent Victorian Planning Authority amendments limited the number of apartments the site could yield to about 1200 dwellings.
But with the state and federal governments subsequently committing to improving housing supply – Medich is expected to try for more; the project is still marked on its website as a major one.
A Salta spokesperson said sale proceeds will be tipped into its build to rent development pipeline.
Opened in 1969, Preston Market replaced the Broadhurst Tannery which shut five years earlier.
Preston is about 10 kilometres north of Melbourne’s CBD.
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