This article is from the Australian Property Journal archive
PALLAS Group subsidiary Fortis has purchased a prominent corner site in the prestigious Melbourne suburb of Brighton for $14.25 million, and will deliver 16 luxury apartments aimed at owner occupiers a short distance from the shops at Church St.
Construction on the 2,192 sqm site at 10-12 Male St and 41A Black St will begin next month and is expected to be completed in 2022.
Offering 3,000 sqm of net saleable area, the $18 million development will comprise apartments across three levels complemented by a two level underground basement.
Catering to owner occupiers in the bayside suburb, the three bedroom apartments development will officially launch to market in November.
“At Fortis, we are consistent with our site selection being within very close proximity to local amenity, and equally important a great corner location providing ample natural light into all apartments,” Fortis director, Charles Mellick said.
The site is less than 100 metres from thriving Church St and two minutes from Middle Brighton train station.
“We see that blue-chip areas such as Brighton are always in high demand,” Mellick said. “With 16 ultra luxury apartments with an end value of around $56 million, we are very confident that the market will snap these up.”
Architecture and interior design will be by Carr. The project will feature wraparound gardens and deep terraces that allow for privacy.
Sydney-based Pallas Group is the parent company of structured property investment arranger Pallas Capital and Fortis. In March, Pallas Group spent $32 million acquiring 5,500 sqm of Clifton Hill land for a $300 million, 37,000 sqm mixed use development. Fortis put together the combined block across several transactions over several years.
Other projects by Fortis in Melbourne include Ode in Toorak, Bower in South Yarra, Balmoral and East Grove in Glen Iris, 232 Wattletree in Malvern and Pallas House in South Melbourne.
The expected end value of Fortis’s Melbourne projects currently under construction or under a planning proposal is $800 million, with a further $900 million pipeline of work in Sydney.
