Fund manager Pallas Capital has put its foot on a Sydney site with plans to build its second NSW office.
Pallas paid $23 million for the 690sq m site at South Steyne, Manly.
Planned is a three-level commercial building atop two basement levels, with a 1750sq m NLA.
To be built by Fortis, also owned by parent company Pallas Group, the building will have dual street frontages, a rooftop terrace, end-of-trip amenities, and ample bicycle, motorcycle and carparking across the basement levels.
“The development will also offer sweeping ocean views and a central spiral staircase providing connectivity and natural light throughout the space,” Pallas said.
Plans for a second office in the NSW capital come about 18 months after the launch of Pallas House, Double Bay, in April 2021. The remainder of the Manly building will be offered to other businesses.
“Pallas Group has grown rapidly since we opened our headquarters in Double Bay … with 34 new staff joining the team during this time,” Pallas Capital executive chairman Patrick 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.”
Work is expected to begin mid-next year ahead of completion in the second half of 2024.
