This article is from the Australian Property Journal archive
FORTIS has secured DA approval from Woollahra Council for a $195 million commercial project in Double Bay, as the developer hopes to capitalise on the demand for city fringe office space from organisations wanting to move closer to where their employees live.
It has since pivoted to plans for a 5,151 sqm building with commercial office space across five storeys, and large floor plates that can be easily divided into large, medium, smaller tenancies, retail activation on the ground floor facing Bay Street and New South Head Road, and 90-plus car spaces in the basement.
The project will feature end-of-trip facilities, open terraces to complement the office floors, and a large open terrace on the top floor with views out to the bay. Construction began in September last year and is expected to be completed by Q4 in 2024.
Lawton Hurley have been appointed lead architects on the project with interiors by Woods Bagot, and development will be funded by Fortis’ sister company Pallas Capital. Both are part of Pallas Group.
“Our completed commercial developments in Double Bay are 100% leased, and most of them crossed this milestone several months prior to construction completion. We anticipate Ruby House will be no different, as we have strong interest from both retail and commercial groups that we look forward to announcing as partners in the coming months,” said Ed Eve, associate director, Fortis.
“This leasing activity, combined with continued market leading rental growth, demonstrates a robust appetite for premium office space in city-fringe locations, as organisations choose to move closer to where their employees live and socialise.”
Ruby House will be Fortis’s fourth commercial development in the area. Fortis and Marporp have been refurbishish the heritage-listed Gaden House at 24 Bay Street in Double Bay just last week, while Fortis also owns 19 Bay Street and the adjoining 21-27 Bay Street sites where it is developing offices, as well as the now-completed retail and office building at 2 Guilfoyle Avenue, home to Baker Bleu, and where it recently announced a term debt facility of $25 million from Macquarie Bank.
Double Bay is four kilometres from Sydney CBD and known for maintaining a unique village feel, surrounded by high-end boutiques and retailers along Bay Street precinct.
The suburb offers easy access to the Double Bay ferry wharf, while Edgecliff train station lies a 10-minute walk away.
Fortis also has numerous office projects in Melbourne’s city fringe.
