In 1708, his father, who was originally from the Netherlands, obtained a license to establish Copenhagen's second sugar refinery.

Pelt was active in the Danish Asiatic Company and served as a bank commissioner at Kurantbanken in 1759-74.

The sugar refinery, which had by then moved to a site next to the Exchange Dock, was taken over by Pelt's associated Hinrich Ladiges (1731-1805).

It was built as part of a larger complex which also comprised new precises for the Herman congregation's Sankt Petri Schule.

The new building contained 38 one-room apartments as well as various residences for people associated with the school, congregation or church.