Good news still abounds in property amidst the current uncertainty – with Fortis successfully navigating a volatile post-Covid 19 property market with impressive commercial leasing figures for their Sydney and Melbourne developments.
100% of the total retail and commercial space in the upcoming Pallas House Sydney, and 80% of the total space in Pallas House Melbourne has been let, with transactions securing $6 million in annual rent.
Fortis Director Charles Mellick explains, “Our recent acquisitions in the high-end commercial and retail space in Sydney and Melbourne reflect the positive sentiment in the market despite the declaration of the pandemic in March this year. Also, we believe city fringe commercial spaces have benefited from the difficulties faced by CBD tower commercial space. Pallas House in Sydney and Melbourne will create a thriving hub in their locations, revitalising the areas as a whole.”
Fortis sits under the parent company Pallas Group, alongside Pallas Capital and has a number of other projects in the areas occupied by these two buildings, with an expected end value of about $900 million in Sydney and $800 million in Melbourne.
Pallas House Sydney is situated on a corner site on Bay Street in Double Bay, one of the city’s most highly sought-after areas, with an expected completion date of early 2021. The Double Bay site is currently undergoing an $15 million upgrade, to offer 2,350sqm across five levels, accommodating commercial spaces and a premium food & beverage offering on the ground floor.
Purchased for $8.6 million earlier this year, the 592sqm Melbourne site also occupies prime real estate. An impressive $1m of annual gross income has been pre-committed across both retail and commercial areas – located at 67-69 Palmerston Crescent in South Melbourne.
Pallas Group will occupy both buildings as its Sydney and Melbourne headquarters, indicating the level of style and quality that will define these landmark developments.