Our Executive Director of Distribution, Craig Bannister, sat down with the Fortis’ Senior Development Manager, Jordan Winada, to discuss the progress of the Eastern Road Project in South Melbourne; Pallas Capital funded this exciting development with construction commencing in April last year. The project is now ‘topped out’ and in the final construction stages.
Watch the interview below.
Eastern Road is Fortis’s third in South Melbourne. Once the building is topped out, Fortis expect the lease-ups to align quite well when small to medium-sized businesses typically look forward. These businesses want to walk the floor plate and experience what they’re getting. Therefore, once the scaffolding has been dropped and the view lines have become clear, Fortis expect to attract many potential tenants.
Marketing commenced at the start of this year when the building was topped out, and Fortis have notice an uptick in leasing inquiries. Fortis has had almost a dozen inspection in the last two weeks, indicating a strong reception towards the project.
For investors in the loan, we have about a $15 million balance in the construction funding, which should see us through to mid-year when the development is completed.
The location of Eastern Road is one of the most significant drivers for the project in terms of tenant desirability. It provides multiple points of interface for public and private transport options. The building is also within walking distance of Clarendon Street, the South Melbourne market, and a forthcoming ANZAC station.
Regarding the mix of tenancies in the building, Fortis plans on creating a curated tenancy experience on the retail frontage, with some form of food and beverage offerings on the ground floor of the space. Fortis aim to support the workers above and the broader community around the product.
To find out more, contact your Pallas representative.
[Disclaimer] *This information is general information only and not financial product advice. It does not take into account any person’s investment objectives, financial situation or needs. For wholesale investors only.