Pallas snares waterfront Manly block
Pallas Group has snapped up a waterfront Manly site for a high-end office it will part occupy for its financing arm, Pallas Capital.
Led by Charles Mellick, the company is outlaying $23 million for the 679 square metre block, 34 South Steyne.
A triple storey, 1750 sqm development is planned (artist’s impression, top); with an end value of c$80m, completion is scheduled in mid-2024.
Pallas’ office will operate alongside the Double Bay one, opened last year. IB Property’s Steffan Ippolito and Dimitrios Franze were the agents.
Elsewhere in the immediate area, Sam Arnaout’s Iris Capital last February picked up the Ivanhoe Hotel, at 27 The Corso, for c$57m (story continues below).
That seller was the Peterson family which held for nearly four decades.
Another hospitality executive, Glenn Piper, also bought into the suburb recently, snaring the Q-Station leasehold from the state government for a speculated $15m.
Pallas Group is also behind developer Fortis, which has in recent years been forging into Melbourne – including with another office part occupied as its headquarters at the top of Albert Park Lake.
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