Victoria Gardens set for $900m revamp
Salta Properties and Vicinity Centres have unveiled a $900 million revamp of Richmond’s Victoria Gardens shopping centre, which turns 20 in April.
The proposal, approval of which is being sought via the state government’s Development Facilitation Program, will add c45,000 square metres of commercial, lifestyle and entertainment space; an office will account for just over half (26,000 sqm) of that.
To be developed in two precincts, Doonside and River, it also includes 1679 apartments in a dozen buildings, most between six and 17 floors.
The landlords intend to restore the 1891 pub, The Royal Studley, too, and create about a hectare of open space, 1800 car parks and 844 bike spaces.
Revamp for 20 year old mall
At the Abbotsford border, Victoria Gardens contains 37,699 square metres with 11 anchors and over 60 specialty stores.
Salta developed it on a site bought from the Metropolitan Fire Brigade, which used it as a training centre.
Prior to then, the property accommodated the Vickers Ruwolt engineering factory.
“The vision for the evolution of Victoria Gardens was the creation between Vicinity, Salta and… architects – Cox and NH,” Salta managing director, Sam Tarascio, said.
“It will deliver new public realms and open spaces and evolve to become a place to not only work and shop – but live, connect, rest and play,” he added.
“Honouring our ongoing commitment to sustainability, the proposal includes net zero carbon emissions for residential common and areas and back-of-house services, and incorporates the site’s rich history, including restoring the heritage pub – the Loyal Studley Hotel,” according to the executive (story continues below).
The end value is speculated to circle $900m.
“The proposal reflects the long-term strategy to transform the [5.2 hectare] site to a sustainable mixed-use, urban village, while also responding to the change in consumer preferences to live, work and play close to home,” Vicinity chief executive officer and managing director, Peter Huddle, said.
“The development will seamlessly connect Victoria Gardens to the surrounding community and deliver a vibrant fresh food market hall for Richmond’s growing population,” he added.
“It will also offer more diverse housing options in an amenity-rich, urban environment to improve wellness, productivity and social interaction,” according to the executive.
Salta has completed numerous apartment buildings on land opposite the complex.
It is presently marketing another – the Walmer, at 610 Victoria Street, due for completion in May.
Outside of the immediate vicinity, but still in Richmond – the group recently completed an office, Industry Lanes with Abacus Property Group, on Church St.
Last June, the developer also outlaid $19m for a Cremorne office development site.
In 2019, Salta picked up an outgoing Roger Seller showroom in Barkly Avenue – a pocket of the suburb also known as Burnley – for $14.75m, with plans for another commercial investment.
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