Pallas Group snaps up Manly site for $23m
Pallas Group has splashed $23 million on a site in Manly, on Sydney’s northern beaches, to develop into a premium commercial asset with an expected end value of $80 million.
The 690sq m site at South Steyne will be developed by boutique developer Fortis, which is a wholly owned subsidiary of Pallas Group.
Construction of the project is expected to start in the middle of next year and set to be completed by the second half of 2024.
The new site will house the second Sydney base for Pallas Capital, also a subsidiary of Pallas Group, and the rest of the space to be offered to other businesses.
“Pallas Group has grown rapidly since we opened our headquarters in Double Bay 18 months ago, with 34 new staff joining the team during this time. It was time for us to make way for a second office in Sydney that would service our operations across the eastern seaboard,” said Patrick Keenan, executive chairman of Pallas Capital.
Offering about 1750sq m net lettable area the refurbished project will feature three levels of commercial space, featuring sweeping ocean views according to Charles Mellick, director, Fortis.
“This will be our first project in the northern beaches of Sydney, and we are confident that this project will be well received,” he said.
