Fortis secure Rose Bay apartment site
The boutique residential apartment developer, Fortis has expanded its boutique residential offering by acquiring a development site in Rose Bay.
The site is located on Spencer Street, a short walk from Rose Bay village.
The 2,223 sqm site consolidates four independent properties, purchased for $28.5 million, and sold through Alex Lyons and Ric Serrao from Raine & Horne Double Bay.
A $20 million new build will include two-and three-bed apartments.
The DA for the site is expected to be lodged in mid-2021, and completion is expected in late 2023.
“We are excited about this latest acquisition on Spencer Street, a development that we feel will go on to become a future classic in the area.”,says Charles Mellick, the Fortis director.
"Following on from our success with The Benson and No.1 Carlisle, this will be the third project by Fortis in Rose Bay," he noted.
With an expected end value of circa $80 million, Mellick advised the living spaces will be designed keeping in mind those looking to downsize without compromising on quality, amenities and location.
The proposed development will offer approximately 2,100 sqm of NSA.
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 billion, with a further $800 million pipeline of work in Melbourne.