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 has purchased a former foundry site at 592-600 Smith Street in Melbourne’s Clifton Hill for $32m, with plans for redevelopment as a commercial and retail space.

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.