Pallas Group has bought a development site in Manly for $23 million, setting out to build a second base in Sydney for its expanding business.  

The group acquired a 690 sqm site in South Steyne and will develop new offices for its Pallas Capital business. 

“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,” said Patrick Keenan, Executive Chairman, Pallas Capital. 

“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.” 

Developer Fortis, which is part of the Pallas Group, will develop the site into a three-level commercial and retail property with 1,750 sqm net lettable area.  

Construction is expected to commence in mid-2023, followed by anticipated completion in the second half of 2024.  

“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,” said Charles Mellick, Director, Fortis. 

“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.”  

The property was bounded by Sydney Harbour and will offer sweeping ocean views, as well as a rooftop terrace, high quality end of trip amenities, and bicycle, motorcycle and car parking across two basement levels. 

Located 16 kilometres from the CBD, Manly offered a combination of luxurious ocean beaches and sandy harbour coves on either side.  

Pallas Capital and developer Fortis comprise Pallas Group, a business that provides investment, lending and development solutions in the boutique property market in Australia.