- Fortis has secured 100% pre-committed leases for 24 Bay Street, a heritage listed building
- The refurbishment of will include the addition of new bars and restaurants
- Fortis Associate Director Ed Eve hopes this will attract more interest in an iconic Sydney building
Fortis has secured 100% pre-committed leases for 24 Bay Street, its upcoming commercial development in Double Bay.
An affluent suburb located only four kilometres from the Sydney CBD, Double Bay is well known for its dynamic social scene and quirky village feel.
Designed by one of Australia’s most revered architects, Neville Gruzman, the heritage listed building will undergo a refurbishment that includes three floors of premium food and beverage and two floors of high-end offices. The expected end value will total $54 million.
The development will also be anchored by a new multi-level Asian restaurant by chef and restauranteur Neil Perry named Song Bird. It will be designed in collaboration with Caon Studios and ACME & Co, who have previously worked with Perry and Fortis to design Margaret at Pallas House Sydney.
“24 Bay Street represents the epitome of mid-century architecture and design,” Perry said.
“It’s the most beautiful building in Double Bay; we were drawn to the corner location set amongst leafy trees, and the opportunity to invite the public to enjoy a unique dining experience set within this stunning piece of architecture.”
Below the restaurant, Dante NYC proprietor Linden Pride will collaborate with Neil Perry and open a subterranean speakeasy cocktail bar named Bobbie’s.
Fortis Associate Director Ed Eve added, “Rather than keep the building predominantly commercial for a small group of office tenants, we chose to dedicate three floors of food and beverage, allowing the wider community to enjoy the unique history of Gruzman’s beautiful building.”
24 Bay Street is to be the third of six Fortis developments completed within the Bay Street precinct.
“Our completed commercial developments in Double Bay are 100% pre-committed, demonstrating a robust appetite for premium office space in city-fringe locations, as organisations choose to move closer to where their employees live and socialise,” Eve said.
24 Bay Street is due for completion in early 2024.
Dedicated offices a challenge
Vanessa Rader, Head of Research at Ray White told The Property Tribune that Double Bay is unlikely to see new offices come online in the near future as developers are coming up against some challenges.
Rader said that there are some projects in the planning process for Double Bay, with some dedicated office assets seeing approval refused.
“Some residential and retail developments with small office components are more likely to trickle in over the next few years but not large purpose-built office assets,” said Rader.
While some may find it challenging to get through the approvals process, Double Bay is expecting to see one project come to fruition late next year. Rader highlighted the 357-359 New South Head Road and 1 Manning Road development, a five storey commercial building with circa 1040 square metres of office space.
