Property Development group Fortis has submitted plans to the City of Port Phillip for what will become a premium commercial space in South Melbourne.
Located at 313-317 Kings Way, the developer recently acquired the site for approximately $5 million, and enlisted Elenberg Fraser and landscape architects OpenWork to design the space. A unique pentagon-shaped island, the site will comprise three street frontages on Kings Way, Kings Place and Cobden Street, and it will offer a combination of luxury whole-floor tenancies totalling approximately 4,600 sqm of net lettable area.
The development, funded by non-bank lender Pallas Capital, 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.
Fortis Director, Charles Mellick, says the acquisition of the site furthers its footprint in South Melbourne.
“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,” he says.
Situated two kilometres from the Melbourne CBD, South Melbourne is an opportune 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.
For more information regarding the future commercial precinct, as well as other Fortis projects, visit fortis.com.au.