Ruby House Project Update

Our Executive Director of Distribution, Craig Bannister, recently sat down with Fortis’s General Manager, Ed Eve, to discuss the progress of upcoming commercial project in Double Bay, Ruby House. Pallas Capital funded this development with construction commencing in November last year. This development is one of six Fortis projects in the Double Bay area and will offer office space across five storeys, with retail activation on the ground floor facing Bay Street and New South Head Road, and basement parking.

Watch the interview below.

Located on Double Bay’s desirable Bay Street, this premium office destination offers unparalleled convenience for occupants, with easy access to Sydney Harbour, Double Bay ferry wharf, Edgecliff station, and surrounded by an array of cafes, restaurants, bars, and boutiques.

The excavation phase is well underway, with construction partner, Lords Group, completing the early works phase, with shoring walls completed and excavation progressing at a steady pace.

On the leasing front, Fortis has reported a strong response. A notable number of contracts have already been exchanged for the commercial strata offices. The ground-level retail spaces have also garnered significant attention, with two out of three tenancies already secured.

Planning ahead, completion is expected in the middle of the next year, with the main works contract signed and sealed.

For investors, Pallas Capital is offering a first mortgage investment opportunity, providing a secure investment avenue with attractive returns with a loan-to-value (LVR) ratio of up to 65% and a competitive yield of 7% plus BBSW rates.

Ruby House is a testament to Fortis’ commitment to excellence and innovation, significantly in the Double Bay area. As construction and leasing opportunities progress, 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.