- The adjacent sites are 2-10 Bay Street and 294-298 New South Head Road
- The quadruple acquisition will be the site of a $185 million project
- The development will include residential and retail elements
Developer Fortis has acquired a prominent corner site in Sydney’s Double Bay with plans for a $185 million boutique residential project to start construction this year.
The site comprises four individual properties with acquisitions totalling circa $82 million.
Fortis plans to deliver boutique apartments across four levels along with ground-floor retail opportunities and basement parking. Development approvals have been attained for the project with demolition works to commence in the coming months.
The 1,863 sqm site has three street frontages on New South Head Road, Bay Street and Brooklyn Lane.
The acquisition and construction are to be funded by Pallas Capital, a sibling company to Fortis, both being subsidiaries of Pallas Group.
Fortis Director Charles Mellick said this is not the company’s first acquisition in Double Bay, with a mix of residential and commercial projects having been undertaken in the past few years.
“2-10 Bay Street and 294-298 New South Head Road will be the sixth project by Fortis in Double Bay,” he said.
“We are excited to transform this city-fringe location into the most sought after neighbourhood in Sydney. “
Charles Mellick, Fortis Director
“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,” Mr Mellick said.
Just four kilometres from Sydney’s CBD, Double Bay is an affluent harbourside suburb.
Mr Mellick said Fortis has a broader vision for Double Bay – 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.”
The transaction was mediated by CBRE‘s Ben Stewart.
Fortis estimates that the total end value of its Sydney projects currently under construction or under a planning proposal is $1.5 billion. A further $1.15 billion is in the pipeline of work in Melbourne.
Construction is expected to begin in July 2022.
