Pallas Group Acquires Landmark Clifton Hill Site

Pallas Group have purchased a prominent corner site in Melbourne’s Clifton Hill for $32 million, flagging plans to redevelop the site into a $300 million commercial precinct.

The property, at 592-600 Smith Street, will house a 37,000sq m mixed-use development made up of commercial and retail space, including a casual dining precinct across three levels.

The Bates Smart-designed project "Foundry"—so named in honour of the site’s industrial heritage—will feature five different facade types that break up the commercial, retail and market hall into unique buildings.

Pallas Group director Charles Mellick said the site, located 3.5km northeast of the CBD, was the largest being developed by the group in Melbourne.

“The $120 million new build has the potential to create a thriving landmark that will elevate the area as a whole,” Mellick said.

Scheduled for completion in 2024, the development will include two towers offering a combined commercial space of 23,000sq m, along with a 7,000sq m food and beverage offering, and three levels of basement parking.

The deal comes on the heels of Pallas Group’s plans for a new HQ on a corner site in Sydney’s Double Bay, snapped up for $32 million in November last year.