Following their recent acquisition of 313-317 Kings Way in South Melbourne, Fortis has officially lodged plans with the City of Port Phillip for the construction of a premium commercial space at the site.
Designed by award-winning architects Elenberg Fraser and acclaimed landscape architects OpenWork, the proposed new development will be the first of its kind in the area. A unique pentagon-shaped island site with three street frontages on Kings Way, Kings Place and Cobden Street, it will offer a combination of luxury whole-floor tenancies totalling approximately 4,600 sqm of NLA.
The development will feature 18 levels of premium office space with ground floor food and beverage offerings and an extensive rooftop garden terrace. The prospective building will also offer uninterrupted views of Albert Park, Port Phillip Bay and the CBD, basement parking and dedicated end-of-trip facilities for tenants.
The city-fringe site presents an area of 330 sqm and was acquired by Fortis for circa $5 million in a transaction negotiated by Savills. The acquisition and construction of the development is being funded by non-bank lender Pallas Capital.
“Fortis has acquired approximately $33 million of commercial fringe assets in South Melbourne since 2020. These assets will have an expected end value of circa $180 million once developed. Kings Way is one of the four projects we are currently developing in this location, in response to the robust demand for high-quality office spaces in city-fringe areas. With an expected end value of $65 million, we are confident that the project will be a valuable addition to the commercial market in Melbourne once complete,” says Charles Mellick, Director, Fortis.
Situated two kilometres from the Melbourne CBD and a short distance from the St. Kilda Road office precinct, South Melbourne is a prestigious city fringe location that enjoys easy, direct access to arterial roads and key business areas. The site is also located a short walk away from the upcoming ANZAC metro station, Coventry Street and Clarendon Street retail districts, and South Melbourne Market.
Pallas Group is the parent company of structured property investment arranger Pallas Capital and boutique developer Fortis. The expected end value of Fortis’ Melbourne projects currently under construction or under a planning proposal is $1 billion, with a further $1.25 billion pipeline of work in Sydney.
For more information and details about Fortis projects, visit www.fortis.com.au.