Fortis secures planning approvals for $300 million mixed-use Richmond project
Melbourne and Sydney developer Fortis has won planning approvals for two projects in Richmond.
Construction on 8 Brighton Street and the adjoining 5 Wiltshire Street in the city-fringe suburb is expected to commence later this year.
As one of the most substantial development parcels to be consolidated in Melbourne’s city fringe area in recent years, the projects will establish a brand new residential, commercial and retail precinct in Richmond.
The two projects collectively occupy 15 blocks of land, creating one major development. Both sites are being designed by prominent multi-disciplinary design studio SJB, and development will be funded by Pallas Capital.
The approved plans include the creation of a pedestrian-priority food and beverage retail boulevard along Wiltshire Street, opening up and connecting Brighton Street with Little Lesney Street, and creating six leasing opportunities.
“Our approach with our Richmond projects is similar to our work in Double Bay, where we have considered not just the development of our sites, but also how it could enhance the broader neighbourhood," Fortis Director Charles Mellick says.
"The project will bring to market exclusive food and beverage amenities for approximately 1500 workers and over 150 residents who will call it home, along with the wider Richmond community. We are grateful to the City of Yarra for the planning approvals and are looking forward to working closely with the community to deliver a superior product."
Mellick says this is one of the most substantial site acquisitions for the suburb and the Melbourne city-fringe area.
"With an expected end value of approximately $300 million, we are confident that the project will set a new standard for premium commercial and residential space in the area.”
Located off the prominent Church St and Swan St intersection, 8 Brighton Street is a 1,298 sqm site and was acquired by Fortis for around $20 million. A new build on the site will offer 12 levels of mixed-use space, with ground floor retail and commercial space on two podium levels offering 2,500 sqm in NLA, followed by 55 apartments across nine levels.
Boasting three street frontages, the project will offer residents unobstructed north and south views, alongside exclusive access to the rooftop amenities, including wellness areas, working from home spaces and barbecues. All residents will also have exclusive access to three levels of basement parking.
The neighbouring site at 5 Wiltshire Street, acquired for around $33 million, consists of nine individual lots totalling 1,432 sqm.
The proposed development will comprise 11 levels of commercial space and three levels of basement parking. Offering 11,000 sqm NLA, the project will offer uninterrupted views of the city skyline, premium EOT facilities and an activated rooftop with barbecues, a bar, wellness areas, workspaces and communal social spaces exclusive to its tenants.
A highly desirable city-fringe location, Richmond is the existing beating heart of amenity within Melbourne. The brand new residential destination is located on the doorstep of East Richmond Station with additional direct access to multiple high frequency tram stops, allowing easy entrance to the Melbourne CBD and other key business areas.
The sites are a short walk away from a wide range of restaurants, bars, gyms, wellness studios, supermarkets and other amenities along Swan Street and Church Street. Other recreational options in the vicinity include Barkly Gardens, MCG and Melbourne 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 $5 billion nationwide.
