The Pallas Group has expanded its presence by acquiring a new site in the northern Sydney beachside suburb of Manly.
Pallas Capital, a subsidiary of Pallas Group, is a non-bank specialist property lender which offers brokers and developers tailored lending solutions across five loan types – acquisition, pre-development, construction, residual stock and vacant land loans.
The company said it also provided flexibility to negotiate LVRs and the required level of pre-sales for construction loans, as well as managing funds for investing in commercial real estate loans, which are secured against non-specialised property assets valued up to $50m in major metropolitan areas.
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Pallas Group’s new Manly site will be built by property developer Fortis, which is also owned by the group. It will include new offices for Pallas Capital, as its expanding business operations drives the need for a second Sydney base following on from the launch of Pallas House, Double Bay, in April 2021.
Patrick Keenan (pictured above left), executive chairman at Pallas Capital, said the group had grown rapidly since opening its Pallas House headquarters.
“We have welcomed 34 new staff joining the team during this time,” Keenan said.
“It was time for us to make way for a second office in Sydney that would service our operations across the eastern seaboard. 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.”
Keenan said construction of the 690sqm site is expected to start in mid-2023, with completion expected in the second half of 2024.
“Fortis will transform the space into premium commercial and retail space, with pre-leasing for the site expected to commence in early 2023,” Keenan said.
He said the refurbished project would feature three levels of commercial space with prominent ground floor activation, expansive floor plates, dual street frontages, rooftop terrace, high-quality EOT amenities and ample bicycle, motorcycle and car parking across two basement levels.
“The development will also offer sweeping ocean views and a central spiral staircase providing connectivity and natural light throughout the space.”
Fortis director Charles Mellick (pictured above right) said this would be the first project in Sydney’s northern beaches that presented an enviable combination of unparalleled quality, amenities and location – all factors for which Fortis projects were renowned.
“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,” Mellick said.
“Bounded by Sydney Harbour and located just 16 kilometres from the CBD, Manly offers a unique combination of luxurious ocean beaches and sandy harbour coves on either side. The affluent suburb is well serviced by public transport options including ferry and bus services and offers excellent local amenities such as eateries, retailers, parks and walking/cycling trails.”
