Fortis has secured secondary consent planning approval for 34 Eastern Road in South Melbourne. Construction on the project will commence in June 2022, offering superior commercial and retail space with an expected end value of $50 million.
The approved plans for 34 Eastern Road will feature premium wellness-focused amenities for tenants. Designed by Fieldwork Architecture, this will include dedicated state of the art end of trip facilities, including a fully equipped gym, sauna rooms and bathroom suites. The development will also offer private cascading landscaped terraces with curated landscaping by Openwork.
The 855 sqm site was acquired by Fortis for circa $12 million in 2021. The new build will feature a ground floor retail activation, with seven levels of premium office space and comprise approximately 3,830 sqm of NLA. Tenants will also have access to two levels of basement parking.
“City-fringe properties such as 34 Eastern Road are becoming increasingly desirable by organisations as their employees seek to work closer to where they live and socialise. Our development of 34 Eastern Road in South Melbourne is a response to the strong demand for premium boutique offices that offer enviable composition of location, quality and amenities,” 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 Eastern Road 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 real estate financier and investment manager, Pallas Capital, and property developer, Fortis. The expected end value of Fortis projects currently under construction or under a planning proposal is $3 billion nationwide.
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