With its Industry Lanes project on Church Street, Richmond, nearing completion, Salta has swooped on another building block in nearby, pricier Cremorne.
The 1786 square metre, rectangle shaped, Commercial 2 zoned plot parcel covering 122-128 Dover Street is setting the group back about $19 million according to sources.
City Ford Properties was the vendor; two warehouses on the site containing a combined 1490 sqm were formerly occupied by a service centre and Burson Auto Parts outlet.
Sutherland Farrelly’s Paul Sutherland and Paul Farrelly were the agents.
Cremorne hots up again
Cremorne, along with Fitzroy, South Melbourne and South Yarra, are considered amongst Melbourne’s trendiest inner city commercial precincts.
The Salta deal comes a month after National Basketball League owner Larry Kestelman snapped up a major Cremorne office development site (story continues below).
Last November, Vicland paid Blazer founder Peter Murray $53.5m for an amalgamation of sites in the suburb, covering 3553 sqm on Cremorne St, also for a major commercial development.
Not long earlier, Fortis invested in the pocket, outlaying $26.9m for an 1830 sqm permit-ready office building block, at 65-81 Dover – near Salta’s latest property.
Skylife Properties holds a substantial Cremorne parcel as well, accrued in parts since 2018.
Meanwhile Rathdrum Properties, which like Fortis and Skylife is Sydney-based, recently paid the Roche family $41.5m for a new seven storey office in the suburb, at 2-6 Gwynne St.
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