This article is from the Australian Property Journal archive
AS Pallas Group grows, the demand for more office space has risen with the property investment company securing a second accommodation in Sydney for $23 million.
Pallas House, the Group’s first base in Sydney launched in Double Bay in April 2021, however the business operations of the company have rapidly grown in the last 18 months.
Pallas Capital offers brokers and developers lending solutions to meet their needs as they continue to establish themselves as one of the fastest growing structured property investment arrangers in Australia
The 690 sqm second base was developed by Fortis and is located in South Steyne, Manly with its use dedicated to new offices for Pallas Capital.
It contains three levels with a total of around 1750 sqm net lettable area within the site. Features of the site include commercial space, dual street frontages, parking across two levels, high quality EOT amenities and a rooftop terrace. Ocean views will also be attainable from within the development. Construction will begin mid-2023 and should be completed towards the end of 2024 with pre-leasing beginning early 2023.
Manly is in close vicinity to Sydney and the CBD, with Pallas Group employees already based in Sydney not having to travel much further to the new base. Executive chairman of Pallas Capital, Patrick Keenan says they identified Manly as an ideal location for a second base to make the commute easier for workers.
“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,” he says.
Director of the developer Fortis, Charles Mellick speaks highly of what their end goal for the project is aiming to deliver.
“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 Mellick.
