A landmark corner site on 30-36 Bay Street in Double Bay has been sold to Pallas Group, which plans to redevelop the site into a commercial and retail space.
A landmark Double Bay site is set to be redeveloped as a commercial and retail space after being purchased by Pallas Group.
Named Pallas House, 30-36 Bay Street will serve as the Pallas Group headquarters and will support the revitalisation of Double Bay.
The new development will house commercial space across four levels and an upmarket food and beverage offering on the ground floor.
The site currently comprises a ground floor and three levels. It will undergo a $12m upgrade with two additional levels to be added to it as part of an extensive internal and external refurbishment of the building and facade.
Boasting extensive water views, the top two levels will be leased to Pallas Group, the parent company of structured property investment arranger Pallas Capital and developer Fortis Development Group.
Fortis Director Charles Mellick said the corner location had the potential to create a thriving landmark that will assist in the elevation of the area as a whole.
“This property was of particular interest to us," he said.
"It is in one of the best locations opposite the park, next door to other great vendors and has the capacity to house large commercial floor plates which otherwise are absolutely not available anywhere else in Double Bay.
Source: Fortis Development Group
"Fortis currently have a number of other development projects in the immediate area with an expected end value of $220m."
Pallas House will boast 2,586 square metres across five levels, housing commercial spaces and a food and beverage offering on the ground floor (660 square metre).
Retail will benefit from a captive audience with the space set to hold minimum 250 occupants.
Mr Mellick said Fortis Development Group aimed to attract A-Grade food and beverage tenants and professional businesses with plans to lease commercial and retail floor space with the refurbishment.
The redevelopment is expected to be completed in the second half of 2020.
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