Salta has officially commenced construction on its flagship Build-to-Rent (BTR) development at 25 River Boulevard, Richmond, marking a significant milestone in the expansion of its BTR business, Est.
With an estimated end value of $500 million, the project is Salta’s second BTR initiative, following the successful launch of Fitzroy & Co in October 2024, which is now stabilised at 98 per cent occupancy.
The 25 River Boulevard development will deliver 476 thoughtfully designed apartments across six buildings in a resort-style precinct adjacent to the Yarra River, setting a new benchmark for BTR offerings in Australia.
The project is distinguished by its focus on amenity, sustainability, and community, featuring ‘mini neighbourhoods’ within each building to foster resident connection and a strong sense of place.
Amenities will include a 25-metre outdoor pool, wellness and fitness centre, co-working spaces, cinema, golf simulator, private dining rooms, a residents’ lounge, and expansive outdoor communal areas.
Salta Managing Director Sam Tarascio said:“25 River Boulevard is a landmark project – not just for Est, but for Salta more broadly.
“We see BTR as a long-term, viable model that addresses Australia’s housing needs with greater resilience and flexibility.”
Tarascio said that as a private business, Salta can swiftly invest where there is real demand, enabling the creation of homes and neighbourhoods people are proud to live in, complete with long-term amenities and services they truly value.
Tarascio also emphasised the project’s distinctive approach to design and community, stating: “25 River Boulevard is distinctive not only in its scale and riverside location, but also in its approach to design and community.
“The six buildings are arranged as a cohesive neighbourhood connected by a central plaza and generous green space.
“There will be four separate lobbies to foster smaller communities within the larger precinct, while key amenities such as The Conservatory, a modern co-working space overlooking the Yarra, extend the home experience to shared and social environments.
“The integration of First Nations consultation and public art further reinforce the site’s cultural importance and place-based identity, which is already strongly recognised in Victoria Gardens.”
Salta’s longstanding commitment to Richmond’s evolution is reflected in its three-decade track record, including the Victoria Gardens Shopping Centre, over 30,000sqm of commercial space, and more than 1,800 apartments delivered across 17 residential buildings.
The company’s contributions to the local community include upgrades to Walmer Street Bridge and Plaza, enhancements to Williams Reserve, and a $200,000 commitment to playground upgrades at Annette’s Place as part of the 25 River Boulevard project.
The official ground-breaking ceremony was attended by the Premier of Victoria, the Honourable Jacinta Allan, Minister for Planning the Honourable Sonya Kilkenny, local members the Honourable Enver Erdogan MP and Sheena Watt MP, and Victorian Executive Director of the Property Council, Cath Evans.
Premier Jacinta Allan stated: “We’re opening doors for young people by approving more homes to own or rent where you want to live – close to jobs, transport and services.
“The old status quo gave Australia a housing crisis. In Victoria, we say yes to more homes and more affordable choices for people to rent or buy.”
Cath Evans, Property Council Victorian Executive Director, commented: “Melbourne has taken the title as Australia’s largest and fastest growing capital city, with more people than ever seeking experience-led housing close to the vibrant city, transport, and sport and events hub.
Evans said that BTR meets the evolving needs of today’s renters by providing security, lifestyle, and quality beyond traditional rental models, and that Salta’s 25 River Boulevard project showcases this innovation with 476 new apartments in a prime Melbourne location.
Owned and operated by Salta’s in-house Est Operations team, 25 River Boulevard is the cornerstone of Est’s growing BTR pipeline, which now spans over $3 billion in value and approximately 4,000 apartments across Melbourne.
Construction of 25 River Boulevard is scheduled for completion in the third quarter of 2027.
