Fortis and Marprop secure development approval for 24 Bay Street, Double Bay

Fortis and Marprop have jointly secured development approval to refurbish 24 Bay Street in Double Bay, the heritage-listed building by renowned architect Neville Gruzman. Renovations on the $50 million project will commence in June 2022.

The approved plans for 24 Bay Street will restore the iconic building to its former glory. With architecture by Lawton Hurley, it will undergo an extensive upgrade, with the completed development supporting the ongoing revitalisation of Double Bay. Prominent heritage elements including the facade, internal spiral staircase, terrazzo podium and feature lighting circles will also be restored. 

As part of the upgrade, two additional levels will be added to 24 Bay Street with a deep horizontal recess, creating a clear visual break between the top of the existing building and the proposed additions. The topmost level will be set back in a bronze colour with a screen, surrounded by lush planting that will soften the edges. The project will offer approximately 1,294 sqm NLA. 

“24 Bay Street is a rare example of 1960s commercial architecture, one that has been loved and appreciated by generations as an icon of Double Bay. We are grateful to the Woollahra Council for supporting us through the DA process, as we can now commence refurbishment work on this much-loved site”, says Charles Mellick, Director, Fortis. 

He adds, “Our work at the nearby Pallas House completed last year demonstrates our expertise in restoring and elevating the aesthetic and form of heritage sites. Our plan for this site is an expression of our values at Fortis, and we are committed to preserving it for the future users of this building”, says Charles Mellick, Director, Fortis. 

Located at 24-26 Bay Street (2A Cooper St) in Double Bay, Gaden House is an architectural masterpiece characterised by its mid-century modernist style. Designed in 1968, Gaden House is known for its elegant facade and stunning features. The building currently comprises three storeys and boasts of three street frontages on Cooper Street, Brooklyn Lane and Bay Street. Fortis and Marprop jointly acquired the 387 sqm corner site in 2020 for circa $20 million, and has pre-committed 50% of the building to CBD businesses looking for a flight to quality, further strengthening the Double Bay commercial precinct.

An affluent, harbourside suburb, Double Bay is located four kilometres from Sydney CBD and known for its thriving, dynamic social scene. The suburb boasts of excellent amenities and transport options, offering easy access to the Double Bay ferry wharf, while Edgecliff train station lies a 10-minute walk away. Double Bay is also known for maintaining a unique village feel, surrounded by high end boutiques and retailers.

Pallas Group is the parent company of structured real estate debt and equity manager Pallas Capital and developer Fortis. The expected end value of Fortis’ Sydney projects currently under construction or under a planning proposal is $1.5 billion, with a further $1.15 billion pipeline of work in Melbourne.