This article is from the Australian Property Journal archive
FORTIS will go ahead with its $50 million commercial project in South Melbourne after securing planning approvals from the City of Port Phillip.
Located on a triple-fronted corner 700sqm site at 122 Moray Street, in the city fringe suburb of South Melbourne, the approved plans for the site include a seven-storey A Grade office building with 3,795 sqm in NLA and with retail activation on the ground floor.
The Fender Katsalidis-designed build will also feature amenities such as a winter garden on the lower floors, expansive terraces and premium EOT facilities
The demand for premium office space in city-fringe areas such as Cremorne and South Melbourne continues to remain robust, with businesses displaying a clear preference for offices closer to where they live,” said Charles Mellick, director at Fortis.
“We have seen evidence of this activity through our own projects, as well as some major deals in the industry over the last year, which has informed the commercial project activity at Fortis.”
The site just 2km from the Melbourne CBD and within close range of the St Kilda Road office precinct and close proximity to neighbourhood precincts on Clarendon Street and Coventry Street, in addition to South Melbourne Market and the future ANZAC station.
The site also offers easy access to West Gate Freeway, offers plenty of walkable public transport options and retail precincts within close proximity.
“122 Moray Street will be developed to facilitate a vibrant work culture, at a time when businesses are looking for ways to make the commute to work worthwhile for their employees,” added Mellick.
“The project will present an enviable composition of location, quality and amenities, and we are looking forward to delivering this to market in the next few years.”
The site was acquired by Fortis for $9.25 million in an off-market transaction in 2021, with the development of the site to be funded by Pallas Capital.
Pallas Group is the parent company of real estate financier and investment manager, Pallas Capital, and property developer, Fortis.
