Salta Properties, one of Australia’s largest private developers shares with iProperty.com its commercial objectives and the direction of the business.
Salta Properties is a family owned and managed business in Melbourne, Australia. Please do share with us a bit about the company’s history.
Salta Properties was founded by Salvatore Tarascio in the early 1970s. The business is now run on a day to day basis by Salvatore’s son, Sam Tarascio who has been the managing director of the business since 2005.
Salta Properties contributes to the future of Australian cities by delivering timeless and sustainable projects across the industrial, commercial, retail and residential property sectors. In business for 40 years, family-owned Salta Properties continues to tailor dynamic developments and project management solutions to improve the way Australians live, work and shop.
Salta Properties’ innovative approach to creating property solutions has seen it become one of Australia’s largest privately owned companies with more than AUS$4 billion worth of projects completed or currently in active development.
How has the response been for the current projects?
Over the last two years, Salta has completed three sell-out residential projects in Melbourne’s inner-city suburbs including Green Square in Abbotsford, A Place to Live in Richmond and South Yarra’s Essence. This month, Salta launched its newest residential jewel, The Park House located on the banks of Melbourne’s iconic Yarra River in Abbotsford and just three minutes from the CBD by car.
The Park House has been designed by world-renowned architects SJB and the interiors of the 539 deluxe apartments have been created by Carr Design. The Park House apartments offer prospective buyers a rare opportunity to acquire an apartment with absolute Yarra River frontage and overlooking the beautiful parklands across the River
Who is target market and why?
International purchasers have demonstrated increased interest in Melbourne’s residential property on the fringes of the CBD, which Salta warmly welcomes. There are a range of different sized apartments in The Park House that will suit various buyers.
Due to the superior location and level of amenities within this project, Salta has targeted the offering towards more of an owner-occupier/downsizer purchasers as well as discerning first home buyers and investors.
What are the special features that deserve a mention about the projects?
The Park House features standout amenities with each of the development’s two buildings offering a designated member’s lounge including a library finished with luxury plush velvet and sand wood paneling, golf simulation room to perfect your swing, cinema room, children’s playroom, an indulgent 20m pool, gym and sauna with views of the Yarra River below, a Bike Workshop and meeting room.
However, the project’s most stand out feature has to be its location on the bank’s of Melbourne’s Yarra River. Not only is the project on the banks of the River, it sits on a tranquil bend in the river allowing long views of the water towards acres of parkland beyond. The project, therefore offers an extremely rare opportunity to purchase prized views of the River in a location that will never lose its outlook.
What are the future and upcoming projects that are in the pipeline?
Salta Properties’ current pipeline of residential development includes the forecast delivery of approximately 4,580 dwellings around various areas of Melbourne including:
• Central Business District at 63 Exhibition Street
• Docklands at 699 Latrobe Street
• East Melbourne
• Victoria Gardens Precinct with four additional medium size developments
• Preston Market re-development
Please do share with us about Sam Tarascio, managing director of Salta Properties.
Salta Properties Managing Director, Sam Tarascio draws on his extensive experience in finance, accounting and property, to lead the operations of the family-owned business. After working at corporate advisory firm Coopers & Lybrand and property agents Jones Lang LaSalle, Sam joined Salta in 1999.
He began working in the organisation’s asset management business before overseeing the company’s largest development at that time, Victoria Gardens, the mixed-use residential, commercial and retail precinct in Richmond, Melbourne.
Sam became Managing Director in 2005 with responsibility for the day-to-day running of the company’s development, asset management and investment activities.
What are the MD’s strategies in taking the company to the next level?
Sam’s strategic vision for improving the way people in Australia live has seen him lead Salta’s strong team of professionals to create some of Melbourne’s most desirable residential developments across Richmond, Abbotsford, South Yarra and East Melbourne.
As Salta Properties continues to activate its development pipeline across the country, Sam continues to work hard to deliver progressive solutions. The family’s strategy has always been to acquire the most highly sought after sites.
Because of its long-term history and balance sheet strength, Salta is one of the few private developers which can acquire sites well in advance and hold them until it is the optimal time to develop them.
The Park House is a prime example of this where Salta had the vision to understand the uniqueness of the site on the banks of the Yarra River. It has taken over 10 years for the design and planning approval process to be completed for the masterplan to come to life. Not many developers have the capacity to do this, which is how Salta is continually able to deliver the highest quality projects in the best and most sought after locations.
What is the MD’s assessment on the Australian property market this year?
Because of the quality of Salta’s projects, the underlying demand for apartments on Salta’s sites is very strong. Salta brings unique projects to the market that are successful regardless of the market conditions.
Prime locations, secure views and the highest quality of design are the ingredients Salta uses to ensure that the investment value of its product is maintained and grown over time. The market in Australia has been very strong, particularly in Melbourne and Sydney. Melbourne benefits from the strongest population growth rate in Australia and this underpins demand for residential property, in particular property such as the Park House, which offers absolutely unique views to the Yarra River.
1. Banks of the Yarra River
2. Entry and Retail Frontages
3. Shamrock Street
4. Salta Properties Managing Director, Sam Tarascio on the balcony of the company’s Kuala Lumpur office
5. The Play Hut
6. Victoria Street Frontage
7. Living and Kitchen – Light Scheme
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