Fortis lodge $90 million mixed-use Darling Point apartment and retail development
Following their recent acquisition of 1 Mona Road in Sydney's Darling Point, the developer Fortis has lodged plans with Woollahra Council for a premium mixed-use development with residential and retail offerings.
Fortis had been looking at creating a commercial development, but have pivoted given the increased demand for luxury apartments in Sydney’s east.
Charles Mellick, a director at Fortis, said the team have seen significant demand for well-appointed boutique apartments in Sydney’s east in the last year,
"Existing developments in these suburbs have sold out in record time," Mellick noted.
"The plans for this site in Darling Point have been updated in response to this demand.
"This mixed-use development in Darling Point has an expected end value of $90 million, and we are excited to deliver this to the market in the near future.
Fortis will have the award-winning architects MHNDU work with acclaimed interior designers Richards Stanisich to create the apartments, which will feature lush planting palette by Wyer & Co.
There will be six level of apartments, a combination of one, two and three-bedroom apartments, as well as ground floor retail and commercial space.
All apartments will include external terraces or balconies, with select apartments capturing views across the city, harbour, nearby Paddington and surrounds.
Fortis expect to commence construction by the end of 2021, following development approval.
Fortis spent $17.5 million on the 1,267 sqm city-fringe site last year.
Pallas Group is the parent company of structured property investment arranger Pallas Capital and boutique developer Fortis.
The expected end value of Fortis’ Sydney projects currently under construction or under a planning proposal is $1.25 billion, with a further $1 billion pipeline of work in Melbourne.
