Fortis eye launch of Wiltshire House, Richmond apartments as $570 million of projects approved
National diversified developer Fortis has achieved planning approvals for $570 million worth of projects across three major developments in Sydney and Melbourne.
They've secured approval for the second tower of their $320 million mixed-use Wiltshire House development in Richmond, an $80 million commercial building in Sydney's Manly and a landmark $170 million precinct in Double Bay, in collaboration with Restoration Hardware (RH), that will bring the luxury lifestyle brand to Australia and Asia-Pacific for the first time.
At Wiltshire House, the 22,200 sqm, two-tower project in Richmond, Fortis has appointed SJB as lead architect, having reimagined previously approved plans for the second tower from commercial to residential in response to the pent-up demand for high-quality residential stock in Melbourne’s inner suburbs.
The move is reflective of the confidence that Fortis continues to hold in residential development across Melbourne’s inner-ring suburbs, which is underpinned by the initial off-market enquiry for the building’s first residential tower, and the macro fundamentals which points to a sustained, significant undersupply of new housing across the state into 2027*.
The development approval comes at a critical time for housing supply in the state of Victoria, with Charter Keck Cramer’s State of the Market H1 2023 report revealing that between 15,000 and 18,000 new build-to-sell and build-to-rent apartments are required to meet the current levels of demand. Yet, completions are only forecast to reach 10,500 per year.
Meanwhile, in Sydney, the RH DA decision made by the Woollahra Planning Panel provides approval for a purpose-built Design Gallery that integrates artistic installations of luxury home furnishings, an Interior Design studio with professional design services; and a Rooftop Restaurant, offering a curated fine dining experience.
With an architectural approach defined by the RH design ethos – a study of balance, symmetry, and perfect proportions – RH Sydney, The Gallery at Double Bay will be a signature landmark for the city’s eastern suburbs, integrating a timeless yet contemporary structure into the landscape of Double Bay.
Fortis acquired the 1,027sqm RH Gallery site for $49 million in 2021 with the vision to create a bespoke design and hospitality destination. Working in collaboration with RH, MHN Design Union and Dangar Barin Smith, the $170 million commercial project will represent a distinctive and inspiring space of the highest quality and craftsmanship.
The new RH Gallery complements a number of highly successful Fortis developments in the area including Neil Perry’s ‘Margaret’, ‘Baker Bleu’ at 2 Guilfoyle Avenue, another soon-to-open Neil Perry venue, ‘Song Bird’ at 24 Bay Street, and boutique commercial office suites for sale within the luxurious Ruby House project, currently under construction opposite the RH Gallery development.
Fortis has also secured development approval for 34-35 South Steyne in Manly from Northern Beaches Council.
Named ‘White Water’, construction on the 690 sqm site is set to commence in Q3 2024, with developer Fortis set to transform it into a commercial and retail offering with three levels of commercial office space, two basement levels for parking, and a private rooftop terrace.
The Manly site will be developed by Fortis and anchored by Pallas Capital, with its growing operations across the eastern seaboard driving demand for a second office.
For Wiltshire House in Richmond, Fortis re-submitted the project as a residential scheme in August 2023 – just as Property Council of Australia figures revealed that 12,000 new homes could be created by converting vacant office buildings to residential projects in Melbourne’s CBD.
The new scheme for the second tower will encompass 10,000 sqm of premium residential, commercial and retail space, featuring ground-floor retail and hospitality, alongside 50 apartments spanning 11 floors above.
Victoria's General Manager, Development, Tim Mills, says Wiltshire House aims to create a lifestyle precinct.
“As with our Sydney and Brisbane projects we are aiming to deliver more than just residences – by emphasising the existing local DNA of the areas in which our projects sit, while ensuring connection between our network of neighbouring projects within the same suburbs, we can create lifestyle precincts that add value to locals and visitors as well as our own buyers," Mills says.
“We saw a number of developers last year either re-think their future commercial projects or re-develop existing ones, into sorely needed residential stock – we expect to see more of this as factors like population growth, stabilising interest rates and improving economic conditions fuel residential demand.
“We believe there is a significant undersupply of quality stock in Melbourne’s in-demand inner suburbs and see huge potential to pivot existing sites where appropriate into a product that serves the market at any given time.
“As a private developer with a proven track record for strategic precinct place-making and delivery, we can be nimble to move where the market is which is why we’ve been able to successfully execute a permit amendment and reposition this second tower to residential so that we can deliver much-needed stock to one of the city’s most sought-after suburbs."