Ruby House, a new $195 million luxury commercial project in Double Bay by Fortis, has received development approval from Woollahra Council.
Located at 2-10 Bay Street in the affluent harbourside suburb just four kilometres from Sydney CBD, the upcoming development combines five blocks of land, presenting a cumulative 1,863sqm in area and offering three street frontages on New South Head Road, Bay Street and Brooklyn Lane. The individual sites were acquired in 2022 for $82 million.
The project features Lawton Hurley as lead architects with interiors by Woods Bagot, and development funding by Pallas Capital.
Offering 5,151sqm in GFA, Ruby House will comprise extensive commercial office space across five storeys, with retail activation on the ground floor facing Bay Street and New South Head Road. The office space will incorporate large floor plates that can be easily divided into large, medium and smaller tenancies. In addition to over 90 car parking spaces in the basement, the project will also offer luxurious EOT facilities, open terraces to complement the office floors, and a large open terrace on the top floor with views out to the bay.
“We always believed in Double Bay’s potential to reassert its position as a vibrant town centre, and feel privileged to be driving this transformation, setting a new standard for development in this neighbourhood. The DA approval from Woollahra Council is testament to their confidence in Fortis, and we are grateful to have their support,” Fortis associate director Ed Eve said.
“Our completed commercial developments in Double Bay are 100% leased, and most of them crossed this milestone several months prior to construction completion. We anticipate Ruby House will be no different, as we have strong interest from both retail and commercial groups that we look forward to announcing as partners in the coming months. This leasing activity, combined with continued market leading rental growth, demonstrates a robust appetite for premium office space in city-fringe locations, as organisations choose to move closer to where their employees live and socialise.
“We have worked relentlessly to transform Double Bay over the last few years, especially by creating the thriving Bay Street Precinct, and our efforts are now coming to fruition. Ruby House will be our fourth commercial development to complete in the area, and we are confident that it will be yet another vibrant addition to the local community,” he added.
Construction on Ruby House commenced in September last year and is expected to be completed by Q4 in 2024.
