Construction on a new retail and commercial precinct in north-east Melbourne will begin next year following Pallas Group's acquisition of The Foundry site at Clifton Hill.

Named The Foundry after the historic use of 612-614 Smith Street as a foundry, construction of a 37,000 square metre mixed-use development is expected to be completed in Q1 2024, and will house commercial and retail space, including a casual dining precinct across three levels.

The development will comprise three portions, each made up of four, nine and 12 levels respectively. 

Pallas Group Director Charles Mellick said the development had the potential to "elevate the area as a whole".

The planned mixed-use development. Source: Pallas Group
 
“The Foundry Clifton Hill is a prominent city-fringe site, and the largest being developed by Pallas Group in Melbourne," he said.

"With an expected end value of $300m, it will be transformed into a unique community hub generating connective experiences for Clifton Hill and greater Melbourne itself."

Designed by renowned architecture firm Bates Smart, The Foundry will feature five different facade types that break up the commercial, retail and market hall into unique buildings.

Pallas Group Director Charles Mellick. Source: Pallas Group

With two towers offering a combined commercial space of 23,000 square metres, including a state-of-the-art fitness and wellness centre, the development will also feature a 7,000 square metre food and beverage offering and fresh food markets, and three levels of basement parking. 

Situated 3.5 kilometres north-east of Melbourne CBD, The Foundry is located directly opposite Development Victoria’s Fitzroy Gasworks site which has a masterplan for 1,100 apartments as well as childcare centres, schools and sports fields.

Tram 86 stops directly out the front, connecting the development with Melbourne CBD, Docklands, Clifton Hill train station, La Trobe University and RMIT Bundoora. 
 
Pallas Group is the parent company of structured property investment arranger Pallas Capital and boutique developer Fortis. 

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