Fortis secure approval for $170 million Woollahra development
Fortis has secured development approval for a premium residential project in the heart of Woollahra.
The prominent eastern suburbs developer has been working with the 14 owners of the 2a James Street address for the last 12 months, recently finalising the purchase of the 3,500 sqm development site, the largest ever land consolidation in Woollahra and now the largest privately held parcel of land in the suburb.
The current existing and dilapidated buildings on the site date back to the late 1800s and early 1900s and will be architecturally restored as part of the $170 million project.
Alongside the refurbished buildings, the approved concept will also feature a collection of newly built luxury residences, comprising two-, three- and four-bedroom apartments.. Funded by Pallas Capital, construction on the project is expected to commence late 2023.
Fortis paid around $50 million for the site.
Fortis Director Charles Mellick says the team’s work at the nearby Pallas House Sydney and Gaden House demonstrates their commitment towards retaining Sydney’s architectural heritage.
“We feel privileged to have the opportunity to lovingly restore and reinvigorate this site, bringing it back to life,” Mellick says.
”We will be preserving the best architectural elements of the site so it can be enjoyed by future generations.
Mellick says the project is the first time off the plan apartments of this scale are being offered in Woollahra, also marking the biggest sqm regeneration in this suburb.
“Our aim with this project is to be sympathetic to its heritage and context, ensuring that the existing buildings are restored. A new build on the site will feature a collection of premium apartments, bringing together unparalleled quality and premium amenities in a location where new apartments are few and far between.”
MHN Design Union have been appointed as the lead architects on the project, with landscaping by Wyer & Co. The 1900s terrace interiors are being redesigned by local Phoebe Nicol, with a collection of two- and three- bedroom homes with north-facing gardens and secure car parking.
The interiors of the luxury new residences are being undertaken by Alexander & Co. The new build will comprise north facing, two-, three- and four-bedroom residences with large entertaining areas and ample outdoor space.
The 1880s theatre will be restored by Mim design and converted into a single trophy residence, with an expected end value of $20 million. The interiors will be an ode to the historic grandeur of the original property, complete with its own basement, tunnel cellar, internal landscaped courtyards and pool.
Woollahra, one of Australia’s most tightly held suburbs with generational wealth, is located five kilometres from the CBD in Sydney’s east, and is known for its timeless, tree-lined suburban streets and village-style shopping areas. The site is in proximity to the Paddington retail precinct, as well as the heritage-listed Centennial Park.
Pallas Group is the parent company of real estate financier and investment manager, Pallas Capital, and property developer, Fortis. The expected end value of Fortis projects currently under construction or under a planning proposal is $4 billion nationwide.
Fortis paid around $50 million for the James St site.
