Salter Brothers is planning a 32 storey skyscraper (artist’s impression, right) above an InterContinental neighbouring Rialto Towers.
The fund manager has applied to raze a 39 year old wing behind two heritage protected c1891 structures – the Winfield Building, formerly the Wool Exchange Building, at 487-495 Collins Street, and the Rialto Building (497-503 Collins St), for the proposal.
If approved – the Cox Architecture scheme is being reviewed by Heritage Victoria – it will include 22,000 square metres of what is expected to be A-grade office space.
It will also contain 1500 sqm of shopping area incorporating Winfield Square, between the five level historic buildings.
The retail component will also face Flinders Lane.
A 270-suite hotel is also earmarked.
IHG Hotels & Resorts, which manages the InterContinental The Rialto presently onsite, is set to control it.
The Grollo family developed the buildings and added the extension as part of completing Rialto Towers, which opened in 1986 (story continues below).
That asset was later co-owned with Kuwait’s St Martins Property, however that party sold its stake to Dexus and GIC in April, 2020.
Salter expands again
Melbourne based Salter, which holds a significant and diversified portfolio, has been seeking to develop the Collins St sites since earlier this year.
The application comes four months since the group acquired its maiden South Australian asset – the Adelaide Sofitel – for $154 million from Palumbo Group.
Also this year it has boosted its book of regional New South Wales assets including with a c$115m deal for five properties with Escarpment Group, and a $20m acquisition for a Southern Highlands investment from China backed Yufun Australia.
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