Spinning glass

Pallas pads out inner-city headquarters

Sydney Morning Herald .

Boutique property finance development outfit Pallas Group has pre-leased 60 per cent of the space of its new South Melbourne headquarters. The group has also leased 70 per cent of its Double Bay office in Sydney, bringing the total annual income to $2.35 million so far.

Office view

Fortis director Charles Mellick said the recent wins reflect positive sentiment despite the pandemic.

“Also, we believe city fringe commercial spaces have benefited from the difficulties faced by CBD tower commercial space,” he said.

The Pallas Group is the parent company of property developer Fortis and structured property investment arranger Pallas Capital. Fortis has a $1.4 billion pipeline of projects split evenly between Sydney and Melbourne, including a large proposed development in Clifton Hill.

During the pandemic, Pallas Capital has banked $22.75 million for projects in Richmond and Chadstone.

The site for Pallas House Melbourne, at 67-69 Palmerston Crescent, was purchased last summer for $8.6 million. Construction is set to start on the nine-storey building in September. To date, leasing deals worth $550,000 have been committed for the 3200 sq m of space, mostly from a cluster of finance outfits and property businesses.

The Double Bay office at 30-36 Bay Street is undergoing a $15 million upgrade which is expected to be completed early-2021. Leasing commitments worth $1.8m have been struck there.

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