This article is from the Australian Property Journal archive
FORTIS has moved into Bronte with a $44 million acquisition, funded by Pallas Capital, of a development site earmarked for a collection of 10 premium homes.
Located at 122-128 Hewlett Street, around 7km east of the Sydney CBD, the 2,428sqm site is set to house 10 three- or four- bedroom homes, with basement parking, private pools and gardens, with an end value of $125 million.
“We are thrilled with our latest acquisition in Bronte as this will be the first collection of houses by Fortis. Over the years, we have carved a reputation in the industry for premium residential developments in highly desirable locations across Sydney and Melbourne,” said Charles Mellick, director at Fortis.
Fortis has been snapping up property across Sydney’s city fringe harbour suburb of Double Bay in recent months, while in Melbourne the group recently added $108 million worth of projects to its city fringe development pipeline, after acquiring sites in Richmond and South Melbourne.
Nicholas Heaton and Gemma Isgro from CBRE negotiated the transaction of the site which is currently occupied by buildings due for demolishment prior to commencement.
“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,” added Mellick.
Fortis has appointed architects MHN Design Union landscapers Wyer & Co to realise the design of the owner-occupier targeted residences.
“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,” said Mellick.
Sitting less than 200 metres from Bronte Beach, offering ocean views, the site will benefit from its close proximity to the CBD, as well as the amenities and parklands offered by Bronte.
The expected end value of Fortis’ current national development pipeline sits at around $3 billion, with real estate financier and investment manager Pallas Capital providing funding and both businesses under parent company Pallas Group.
Following the demolition of the buildings currently on the site, construction is scheduled to commence in September 2023.
