Richmond's most anticipated commercial development commences construction
Salta Properties and Abacus Property Group have marked the start of construction for their latest commercial development ‘Industry Lanes’, celebrating the milestone occasion with an official sod turn ceremony onsite at 459-471 Church Street.
With an end value of more than $230 million, Industry Lanes will offer a new-world workplace with a campus-style environment that connects the development’s three buildings located in the heart of Richmond, one of Melbourne’s most desirable office locations.
Salta Properties’ Managing Director, Sam Tarascio, is pleased to see the development progress and highlighted the evolving needs of businesses looking for modern day buildings that not only provide excellent workspaces but also cater to the growing desire for work life balance and a sense of community.
Industry Lanes isn’t just a building, it will become a brand new precinct with areas that are highly flexible, catering for both large and small tenants so that fast-moving businesses can expand at any pace, all within one integrated development.
Salta Properties Partnership with Abacus Signals Start for Church St Development
Salta Properties has bolstered its plans for a major commercial development at 459 Church Street in Richmond after signing a partnership with Abacus Property Group (Abacus). The capital partnership arrangement with Abacus will see the prominent, city fringe site come to life, offering prime office space within one of Melbourne’s most sought after locations. With an end value of more than $230 million, the proposed office precinct will comprise of two premium office towers, a stand-alone child care and basement car park with more than 200 spaces.
Under the arrangement, Salta Properties will take lead on the development of the project, with construction company, Hansen Yuncken recently appointed as head contractor. Salta Properties’ Managing Director, Sam Tarascio, highlighted how the capital venture with Abacus will fast-track the development’s progress. “Salta’s partnership with Abacus will enable this milestone project to move at a faster pace by captialising on our expertise in commercial development combined with the financial backing from Abacus. As one of our most exciting commercial projects to date, 459 Church Street is set to become the flagship site in Salta’s portfolio, with the mixed-use precinct designed by Architectus for businesses looking to set-up a base in one of Melbourne’s most creative hubs,” said Mr Tarascio.