This article is from the Australian Property Journal archive
Sam Tarascio’s Salta has offloaded a development site in Melbourne’s CBD to the Commonwealth Superannuation Corporation (CSC), which is looking to protect its prized uninterrupted view of Melbourne.
Salta has sold the property at 63 Exhibition Street to CSC for more than $40m, culminating a five-year long campaign to sell the site which was initially on the market in 2020 with an asking price of $80 million.
Located at the east end of the CBD, the site which has plans for 52-level tower with luxe apartments and a hotel, was put back on the market in February last year with expectations of at least $75m.
The property has been acquired by the CSC, which is buying the property to protect the views of its flagship 101 Collins Street office building from being built out.
The CSC has been snapping up nearby properties including paying $7m to buy two floors at neighbouring 55 Exhibition Street to protect 101 Collins. It bought the third floor in 2021 for $4.75 million.
Salta also owns three floors in the same building to stop any potential redevelopment from obstructing its view.
Salta had initially sought approval for a 64-level apartment and hotel but plans were knocked back in 2018.
Formerly known as Citicorp House, the existing building was constructed in 1969 and extensively refurbished in 2003. It totals 6,135 sqm of net lettable area.
Salta bought the property in 2015 in a joint venture with Malaysian developer, Asia One, for $37.5 million.
The property was sold by JLL’s Josh Rutman, Jesse Radisich and MingXuan Li, but they were unable to comment.
Meanwhile this is the second major development site in Melbourne’s CBD that sold recently.
Publican billionaire Justin Hemmes bought the eight-storey “Parkade” car park at 36-40 Little Collins Street from Melbourne City Council for around $55 million, which is below the $110 million the council had expected.
