- Site will be home to a $120M project
- The site is 2,393sqm
- Construction is forecast to start next year
A 2,393 square metre site has been jointly acquired by Fortis and Dare Property Group in a deal worth circa $41 million.
The $120 million development, Piper House, will offer 18 boutique homes across 2,650 square metres of net sellable area. Construction of the new build is anticipated to start 2022, subject to demolition later this year.
The acquisition and construction will be funded by non-bank lender Pallas Capital. CBRE’s Ben Stewart negotiated the transaction.
Point Piper is a highly affluent, harbourside area home to some of the most expensive and exclusive real estate not just in Australia, but in the world. There are virtually no public amenities or facilities in the area and only just over 1400 residents call the tiny suburb home.
Late last year, a buyer purchased Edgewater – a 1980s-built five-storey waterfront mansion with a private jetty – for reportedly $95 million.
Many notable residents have called the suburb home, including two Prime Ministers – Malcolm Turnbull and Sir William McMahon – John Symond, the founder of Aussie Home Loans and Westfield founder Frank Lowy, to name just a few.
“Piper House will offer residents proximity to key retail and commercial precincts in the locality, alongside excellent amenities,” said Fortis Director Charles Mellick.
“With an expected end value of $120 million, we are confident that the proposed development will be well received by Point Piper locals and the wider community, unveiling a fresh approach to luxurious apartment living.”
Charles Mellick, Fortis Director
Dare Property Group Director, Danny Avidan, added that he is honoured to join forces with Fortis.
“Charles Mellick and I have been long time residents of Point Piper and we share a strong, emotional bond with its close-knit community,” he said.
“We feel privileged to have the opportunity to develop in Point Piper, and are excited to present Piper House, which will bring to life our shared values and vision for this premium enclave.”
