Salta offloads Burnley site for $20.5m amid $330m+ Melbourne divestment spree
Property development group Salta has offloaded another site at 173-177 Barkly Ave, Burnley
Major developer Salta has embarked on a divestment spree over the last year, selling off high-value properties with development applications.
The latest move, a premium development site located at 173-177 Barkly Ave, Burnley was just offloaded for $20.5m
The Melbourne-based firm also recently sold an industrial site in Cranbourne West for a staggering $230m, and a 52-storey mixed-use tower in the Melbourne CBD for approximately $90m.
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Salta acquired the well-known Rogerseller site in 2019 for $14.75m and successfully secured a development application for a seven-storey commercial office building.
The site also includes a red-brick warehouse that was once occupied by Telstra.
Colliers director of investment services Ben Baines said Salta had identified the Burnley site as one that wasn’t prioritised for development.
“They saw a good opportunity to capitalise on some of the demand we are dealing with – from buyers like self-storage operators and developers,” Mr Baines said.
StorHub’s newly acquired site from Salta at 173-177 Barkly Ave, Burnley
Mr Baines said Salta’s strategic approach by obtaining valuable planning permits before sale was intentional by the developer.
“It’s definitely a sound strategy,” he said.
“Salta bought the site from us in 2019 and went through the planning process – there was definitely some foresight in their approach.
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Colliers director of investment services Ben Baines said long-time client Salta’s big ticket sell-offs was a “sound strategy”.
“Without a planning permit, developers would invest significantly more time and money.”
The site has already piqued the interest of industry leaders. ‘
StorHub, represented by Damian Wisdom of HRB & Co, leapt at the opportunity to acquire the Burnley site for high-density self-storage development.
StorHub Australia chief executive, Simon DeGaris saw the site as a prime opportunity for the business.
StorHub Australia chief executive, Simon DeGaris said that the site represents a prime opportunity with its proximity to the Melbourne CBD and its well noted location. ”
Mr Baines said reflecting on the broader implications of such strategic sale in Burnley – the office and industrial market was performing quite strong across Melbourne.
“It was a small industrial pocket, but it’s well located … Developments like the Australia Post site and residential projects at the Burnley silos show gentrification is happening,” he said.
635S Hall Rd, Cranbourne West was sold off by Salta for $20.5m
The Colliers director said he anticipated robust market activity and growth in the commercial space for 2025.
“We do have some significant discussions underway – I expect 2025 to be even busier as market confidence grows,” he said.
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