Pallas Group’s Fortis makes luxury office play in Double Bay
Fortis, the development arm of the Pallas group, is betting on demand for luxury office suites in the heart of Sydney’s exclusive Double Bay, by developing a brand-new strata commercial block in Bay Street.
Around 15 major projects are underway in the Double Bay precinct from retail, to office and residential as well as a major repositioning of the Intercontinental Hotel which is expected to complete within the next three to five years.
With an average price of around $3m plus private parking, Fortis is poised to launch Ruby House, a series of full-floor strata offices and terraces in the heart of Double Bay in the city’s eastern suburbs.
Marketing agent Ben Stewart, of Stewart Properties, admits there’s obviously high commercial office vacancies in the Sydney CBD, but he says the 31 suites ranging from boutique suites to full-floor terraces in Ruby House, which will be released on September 18, will offer buyers a village-like atmosphere with luxury amenities.
“We will have elevated services for people within the building such as a steam room, fresh towels, food delivery, laundry deliveries,” Mr Stewart said. “There will also be wellness facilities, it is close to transport such as Edgecliff train station and there is also the obvious revitalisation of Double Bay.
“Since Covid we have seen a change in people’s lifestyle and where they want to work.
“There has not been a brand new strata sell down in Sydney of luxury commercial suites since 2009.”
Mr Stewart said there were already people in the finance, property and technology areas showing interest in Ruby House ahead of its general release to the market.
Mr Stewart is marketing the 2-10 Bay Street property, which has offices ranging in size from 70sq m to 550sq m, in conjunction with Harry George from CBRE.
Each office suite features a lobby elevated with stone finishes and state-of-the-art facilities, including a sauna and concierge services.
Designed by Lawton Hurley and with interiors by Woods Bagot, Ruby House is situated in the heart of Double Bay and is surrounded by cafes, restaurants, bars and clothing boutiques. The building sits beneath a New York-inspired Jazz Bar.
Work has started on the project, with completion due by early 2025.
Other major projects underway in Double Bay include the residential and retail development known as Ode expected to complete in 2025, The Hunter, which is fully leased and completed, and the retail and residential project known as 55 Bay St project, which is fully leased.