Fortis secure sixth Double Bay site
Continuing the expansion of its Sydney footprint, the property developer Fortis has acquired two sites in Double Bay for around $82 million.
The sites, at 2-10 Bay Street and 294-298 New South Head Road, will be the sixth project by Fortis in the city-fringe harbour suburb. The transaction was negotiated by Ben Stewart from CBRE.
The prominent corner site comprises four independent properties, and boasts three street frontages on New South Head Road, Bay Street and Brooklyn Lane.
The 1,863 sqm site has development approvals for a residential project comprising boutique apartments across four levels, with basement parking for each residence and ground floor retail. Construction is expected to commence in July 2022, with the demolition of the existing buildings on the site completed. Pallas Capital will fund the acquisition and construction of the project.
“Fortis has acquired multiple sites in Double Bay over the last few years for a mix of residential and commercial projects. 2-10 Bay Street is our newest acquisition and we are thrilled to add it to our portfolio. The residential project on this centrally-located site has an expected end value of $185 million,” says Charles Mellick, Director at Fortis.
“Our broader vision for Double Bay is to revitalise it. We are creating a vibrant town centre that appeals to residents and businesses alike, complemented by an enviable selection of dining, retail and entertainment options. 2-10 Bay Street and 294-298 New South Head Road will be the sixth project by Fortis in Double Bay, and we are excited to transform this city-fringe location into the most sought after neighbourhood in Sydney."
One of Sydney's most affluent harbourside suburb's, Double Bay is located four kilometres from Sydney CBD and known for its thriving, dynamic social scene. The suburb boasts of excellent amenities and transport options, offering easy access to the Double Bay ferry wharf, while Edgecliff train station lies a 10-minute walk away.
Double Bay is also known for maintaining a unique village feel, surrounded by high end boutiques and retailers.
Pallas Group is the parent company of structured real estate debt and equity manager Pallas Capital and developer Fortis. The expected end value of Fortis’ Sydney projects currently under construction or under a planning proposal is $1.5 billion, with a further $1.15 billion pipeline of work in Melbourne.
Fortis, in a joint venture with Dare Property Group, recently launched Piper, their high-end Point Piper collection of just 15 apartments
But Fortis, alongside Dare Property Group, are set to finally bring something new for new high-end apartment seekers, on the 2,392 sqm Wunulla Road site which they joint acquired for around $40 million last year.
The development, at 2A Wunulla Road, will have interiors by MIM Design and sit in landscaping by Dangar Barin Smith.
There will be a mix of two, three and four-bedroom apartments across the boutique four-level building. Each apartment will feature soaring ceilings, open layouts and large living, entertaining, and outdoor areas. Some of the apartments will even have their own private pools.
