- The site, 200 metres from Bronte beach, will house 10 luxury homes
- Parent company Pallas Capital will fund the transaction
- Fortis has over $3 billion in its development pipeline
Developer Fortis has made its first move into Bronte, acquiring a site at 122-128 Hewlett Street for $44 million.
Nicholas Heaton and Gemma Isgro from CBRE negotiated the transaction, which will be funded by Pallas Capital.
The 2,428sqm site is set to become home to 10 luxury homes, each consisting of three or four bedrooms, four bathrooms, basement parking, private pools and gardens.
Construction is expected to commence by September 2023, once demolition is completed for existing buildings on the site. MHN Design Union have been appointed architects for the project, with landscaping by Wyer & Co.
The new homes will represent Fortis’s approach to residential design and development, which includes various boutique apartments for owner-occupiers in Sydney’s east.
“We are thrilled with our latest acquisition in Bronte as this will be the first collection of houses by Fortis,” said Fortis director, Charles Mellick.
“Over the years, we have carved a reputation in the industry for premium residential developments in highly desirable locations across Sydney and Melbourne.
“Fortis will utilise its expertise in luxury residential projects to develop houses that are expansive, design-led and well-appointed, with close proximity to retail and lifestyle amenities in the locality.
Charles Mellick, Fortis director
“The entire team working on this unique project live in or around Bronte, so there is a natural affinity with the area.
“With an expected end value of $125 million, we are confident that this project will be well received, and we look forward to working collaboratively with the community to deliver a superior product in a desirable location.”
Bronte, located eight kilometres east of Sydney CBD, is well renowned for its pristine white sands and adjoining parklands. Fortis’s site is located just 200 metres away from Bronte beach itself – arguably the most famous beach in Sydney after Bondi.
It is certainly a busy time for the developer, which has over $3 billion in its development pipeline.
Less than a month ago, Fortis announced the acquisition of neighbouring Double Bay sites for $82 million. Earlier in the year, two Melbourne sites were acquired for $108 million in commercial projects.
Fortis and Dare also jointly acquired a Point Piper site last June for $41 million, which is being developed into a $120 million 18-residence project.
