Fortis acquires $44 million Bronte site for $125 million residential project
The burgeoning property developer Fortis is headed to the beach for another upcoming residential project.
Fortis, led by director Charles Mellick, has acquired Bronte's Beach House apartment block at 122-128 Hewlett Street for $44 million, with the intention of creating a $125 million luxury development.
They'll be creating 10 homes on the 2,428 sqm site, each with three or four bedrooms, private pools and gardens, and basement parking.
Construction on the site is expected to commence in September 2023, once the demolition of the existing buildings on the site is completed. Pallas Capital will fund the acquisition of the site.
MHN Design Union have been appointed as the architects on the project, with landscaping by Wyer & Co. The collection of new homes will be an extension of Fortis’ approach to residential design and development, applying its expertise in boutique apartments to the development of luxurious homes 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," Charles Mellick said.
"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,” says Charles Mellick, Director, Fortis.
“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.”
A sought-after coastal suburb, Bronte is located eight kilometres east of the Sydney CBD and is renowned for its pristine white sands and beautiful adjoining parklands. The site itself is conveniently located less than 200 metres away from Bronte beach, with incredible ocean views to match.
Pallas Group is the parent company of real estate financier and investment manager, Pallas Capital, and property developer, Fortis. The expected end value of Fortis projects currently under construction or under a planning proposal is $3 billion nationwide.