Pallas Group has expanded its presence in Sydney, acquiring a new site in South Steyne, Manly for $23 million. Developed by Fortis, the site will comprise new offices for Pallas Capital, with its expanding business operations driving demand for a second Sydney base following on from the launch of Pallas House, Double Bay in April 2021.

​“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. Choosing Manly for our second base was driven internally as several members of our team live in and around the suburb, and we were keen to create a workplace close to where they live,” says Patrick Keenan, Executive Chairman, Pallas Capital. 

​Construction on the 690 sqm site is expected to commence in mid-2023, followed by anticipated completion in the second half of 2024, with Fortis transforming it into premium commercial and retail space. Pre-leasing for the site is expected to commence in early 2023. 

​Offering approximately 1,750 sqm NLA, the refurbished project will feature three levels of commercial space, with prominent ground floor activation, expansive floor plates, dual street frontages, rooftop terrace, high quality EOT amenities, and ample bicycle, motorcycle and car parking across two basement levels. The development will also offer sweeping ocean views and a central spiral staircase providing connectivity and natural light throughout the space. 

​“This will be our first project in the northern beaches of Sydney, presenting an enviable combination of unparalleled quality, amenities and location that Fortis projects are renowned for. With an expected end value of $80 million, we are confident that this project will be well received, and we look forward to working collaboratively with the community to deliver a superior product in a desirable location,” says Charles Mellick, Director, Fortis.

​Bounded by Sydney Harbour and located just 16 kilometres from the CBD, Manly offers a unique combination of luxurious ocean beaches and sandy harbour coves on either side. The affluent suburb is well serviced by public transport options, including ferry and bus services, and offers excellent local amenities such as eateries, retailers, parks and walking/cycling trails. Manly provides proximity to Sydney’s northern beaches, as well as quick access to North Head National Park, Manly Golf Club and Westfield Warringah Mall Shopping Centre. 

​Pallas Capital is one of the fastest growing structured property investment arrangers in Australia, offering brokers and developers lending solutions that are tailored to their needs. It offers borrowers five core loan types, being acquisition, pre-development, construction, residual stock and vacant land loans, along with the flexibility to negotiate LVRs and the required level of pre-sales for construction loans. 

​Pallas Capital manages funds for investing in commercial real estate loans secured against non-specialised property assets with values between $1 - $50 million in major metropolitan areas Wholesale investors are offered investment opportunities providing fixed or variable rate returns ranging from 7.50% p.a. under First Mortgage security through to Ordinary Equity returns of 20-25% p.a. in select Fortis development projects.

​Pallas Capital’s loans are supported by robust due diligence on each borrower and the security property, a realistic and multi-faceted exit strategy, and active management of all loans by the Pallas Capital team throughout the term.

​Pallas Capital and developer Fortis comprise Pallas Group, a business that provides specialist investment, lending and development solutions in the boutique property market in Australia. 

​For more information and details about Pallas Capital’s product, visit pallascapital.com.au.

Related Reading:

Fortis appoints The Agency as lead agent on Pillar+Tide | The ASEAN Developer

Fortis appoints The Agency as lead agent on Pillar+Tide | The ASEAN Developer

Tim Gurner leases former Sydney office of Roxy Jacenko for NSW expansion  | The ASEAN Developer