Walmer off Victoria St, Abbotsford, is set to offer a rare waterfront development to Melbourne’s inner-city.

A NEW Abbotsford development is set to transform a former factory site turned vacant lot into prime riverfront real estate worth up to $6 million.

It’s likely to be one of the final pieces in an urban uplift transforming the industrial past along the Yarra River’s inner-suburban banks.

Salta Properties managing director Sam Tarascio said their latest project, Walmer, wouldn’t just open the site to future residents but also provide an opportunity to renew the rivers edge.

“A lot of these sites on the river have been very closed off and have prevented use of the river,” Mr Tarascio said.

“We also have the Park House next door and across the two sites the whole river bank will be rejuvenated and revegetated.”

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Award winning landscape architects Taylor Cullity Lethlean will oversee the riverfronts renewal and green spaces of the project.

Despite the push to renew the area, Mr Tarascio said he expected scope for future riverfront development in the area to be limited, and Walmer’s 639 Victoria St, Abbotsford, address to remain peerless.

“River front sites are rare to start with — and this is a north-facing site on a bend in the river,” he said.

“And a lot of the planning controls have been tightened around the river. The ability to develop sites on the river has been diminished.”

Walmer will occupy a 6000sq m site, and offer 75 apartments with a distinct focus on embracing the river, including outdoor spaces topping 200sq m for some.

Extensive balconies will give residents a chance to bask in a semirural atmosphere.

While a handful of mostly smaller apartments would front Victoria St, Mr Tarascio expects downsizing buyers from nearby leafy suburbs would be drawn to the water views.

Salta would pair those views with scope for extensive customisation, so buyers effectively bought their spot in the building — but after that would have extensive control with an ongoing conversation with architects Bates Smart, he added.

“Long-term owner-occupiers are looking for highly-specified apartments, but with flexible design and the ability to choose,” Mr Tarascio said.

“A three-bedroom apartment we can make into a two or a very generous one-bedroom.”

A few aspects are expected to win uniform appeal including 2.8m ceiling heights and full-height windows, as well as super-sized apartments — with even one-bedroom abodes starting at 65sq m of interior space, while the largest will soar up to 300sq m.

“This will be a building that will have a full-time concierge … and the wine-cellars down below,” Mr Tarascio added.

A wellness centre at the development will include a 135sq m gym, 25m pool, and a sauna.

Apartments will commence selling in October, with construction planned for mid next year and the project potentially complete by early 2021.