This article is from the Australian Property Journal archive
FORTIS has extended its roots into Sydney’s exclusive eastern suburbs, acquiring a Point Piper site alongside Dare Property Group for $41 million to build a boutique apartment project with an end value of $120 million.
To be named Piper House, the 2,393 sqm site on Wunulla Road will comprise 18 homes across four levels designed for empty nesters and interstate purchasers looking for a base in Sydney.
Architecture will be by Luigi Roselli, and Piper House will have a net saleable area of 2,650 sqm and basement parking. Construction is anticipated to begin in 2022 following demolition of the existing buildings on the site later this year.
Non-bank lender Pallas Capital will fund the acquisition and construction of the project. Fortis is the development arm of Pallas Group.
“Piper House will offer residents proximity to key retail and commercial precincts in the locality, alongside excellent amenities,” Fortis director, Charles Mellick said.
Mellick and Dare Property Group director Danny Avidan have been long-time residents of the locale.
“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,” Avidan said.
Ben Stewart of CBRE, who negotiated the sale, said the “owner-occupier, empty-nester and downsizer markets getting stronger, particularly in the tightly held waterfront eastern suburb locations”.
Fortis, which has a $1.25 billion project pipeline in Sydney, has made a string of additions to its Sydney harbourside portfolio lately, most recently paying $38.5 million for a Double Bay site with plans to build a five storey commercial and retail building.
That came hot on the heels of its $28.5 million purchase of 2,223 sqm of Spencer Street land in Rose Bay that will make way for a new $80 million apartment collection aimed at downsizers, and where it similarly expects to begin construction in the middle of next year.
It closed 2020 with the acquisitions of several eastern suburbs commercial assets in the region, picking up two sites at the close of the year for a combined $38 million with plans for a $12 million redevelopment and extension of an Edgecliff site, and refurbishment of a Double Bay building with three floors of high-end, boutique offices along with a retail-focused ground floor. In October, it bought Double Bay modernist icon Gaden House for $20 million with plans to spend $6.5 million refurbishing the heritage listed retail and office building.
