Fortis and Dare propose $120 million Point Piper luxury apartment complex, Piper House
Boutique property developer Fortis and Dare Property Group have spent for $41 million to secure a Point Piper luxury apartment site.
The sydnicate, headlined by Danny Avidan, plan to develop the 2650sq m site with 18 apartments across four levels.
The corner site, opposite the Rose Bay police station and Cranbrook School, is to be known as Piper House, 2a Wunulla Rd.
The deal was revealed in The Australian last month, but they told the Australian Financial Review this week the end product is expected to be worth around $120 million.
Demolition will start in October with construction underway in February next year.
Charles Mellick, director of Fortis expressed confidence that the proposed development will be well-received by Point Piper locals.
Mellick is currently renovating a heritage F. Glynn Gilling-designed home on nearby Wyuna Rd.
The development site was sold by CBRE agent Ben Stewart who noted there had been nothing of this scale built in Point Piper for "many, many years."
Point Piper has around 600 apartments and 200 houses according to CoreLogic.
Non-bank lender Pallas Capital, Fortis’ sister company, will fund the project that has been designed by Luigi Roselli.
The site consolidation was of five apartments and one house at 590-592 New South Head Rd.
The developer Green Wall was proposing a $150 million, 30-unit development after a deal at just under $40 million, but opted not to proceed with the project.