Darling Point

Apartments at the recently launch MONA development in Darling Point almost never existed.

The prominent eastern suburbs developer Fortis&nbsp;initially planned a commercial building on the Mona Road address, before pivoting the design to create a luxury apartment project.

And its recent launch showed two things; the demand for luxury apartments in Sydney&#39;s East is still firing on all cylinders despite a cooling property market, and the agileness of the Fortis team to change their strategy based on what the market is doing.

Fortis Director Charles Mellick says the team analyzed current market trends and the demand for luxury residential apartments, and that, paired with the 180 degree city and harbour views and accessibility to local amenity, made the location the perfect place for high-end city fringe living.

So they called MHNDU back in to amend the plans to incorporate just 24 one, two and three-bedroom apartments.

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The change in direction paid off in spades at the recent launch, with CBRE securing sales of over 60 per cent of the building, including the $13.75 million, two-level penthouse.

Mellick says the&nbsp;Darling Point location provides a previously unseen opportunity for buyers with direct access not only to the harbour foreshore, but also to the city and surrounding villages.

&quot;This location has an array of unrivalled connectivity from walkability to a range of transport options and access to driving routes to connect to the rest of Sydney seamlessly.

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Mellick calls Darling Point the gateway to the East, at the nexus of Edgecliff, Woollahra, Double Bay and Potts Point.

&quot;This location benefits from its nearby neighbouring suburbs giving the best of both worlds - an energetic urban local energy (Potts Point) and Australia&rsquo;s most luxurious offerings (Woollahra and Double Bay) with the commercial convenience and easy access to Bondi Junction and the City.

&quot;Rushcutters Bay Park and Marina create a great local amenity for locals and visitors alike.&quot;

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The new MHNDU plans retained the ground level retail, which Mellick says will home a &quot;sophisticated and experienced food and beverage tenant&quot;, something Fortis has successfully achieved previously in Double Bay, where they brought celebrity chef Neil Perry to their HQ at the base of Pallas House on the exclusive Bay Street.

Mellick says so far there&#39;s been a mix of owner-occupiers and downsizers who have come from the Eastern Suburbs (Elizabeth Bay, Bellevue Hill, Rose Bay) looking at the two&nbsp;and three-bedroom residences, as well as a number of&nbsp;owner-occupiers coming from the Lower-North Shore (Killara and Linfield) as well as the Inner-West.

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The change in direction paid off in spades at the recent launch, with CBRE securing sales of over 60 per cent of the building, including the $13.75 million, two-level penthouse

Joel Robinson

Why Fortis chose apartments over office space in Darling Point

The national property developer Fortis has seen a flurry of sales at the recent launch of its luxury Darling Point apartment project, MONA.

Some 60 per cent of the apartments on offer sold, with CBRE&#39;s&nbsp;Premium Sales division head Ben Stewart noting the two and three-bedroom apartments sold&nbsp;well.

&quot;Our team are feeling very encouraged by the initial lot of sales achieved,&quot; Stewart says, adding that there&#39;s still a very good selection of stock remaining.

The two-level penthouse, with 253 sqm of internal space as well as its own rooftop terrace and swimming pool, was sold even before the recent launch event. It was bought by property developer Michael Barakat for $13.75 million, a sale reflecting $55,000 per sqm. There was also a $7.8 million sales to a local downsizer.

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MONA, named after its location on Mona Road, one of Darling Point&#39;s best streets, has been designed by&nbsp;MHNDU to blend old-world charm with New York chic.

Stewart said the one and two-bedroom apartments are garnering a lot of enquiry from parents assisting their children.

&quot;It&rsquo;s a great way of getting them into forced saving for a long-term asset,&quot; Stewart suggested.

&quot;MONA has already started to attract this type of buyer because of its location, as well as being a striking looking development that will prove to be a great short to long term investment.&quot;

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Fortis Director Charles Mellick said there has been&nbsp;a mix of owner-occupiers and downsizers who have come from the Eastern Suburbs (Elizabeth Bay, Bellevue Hill, Rose Bay) looking at the two- and three- bedroom residences, with many owner-occupiers coming from the Lower-North Shore (Killara and Linfield) as well as the Inner-West.

Initially Fortis had earmarked&nbsp;the site for a commercial project and ground-floor retail, but Mellick said the&nbsp;current market demand and limited supply for residential is so strong, that with the 180 degree city and harbour views and accessibility to local amenity this really made the location the perfect place for high-end city fringe living.

&quot;Something that is hard to come by and that result is clear with the high demand on sales and response on our sales launch weekend.&quot;

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The creative inspiration for MONA comes from the history-steeped harbourside corridor it overlooks. The design by MHNDU pays deep respect to the architectural details of the original brick apartment buildings and the bustling inner-city neighbourhood.

The &lsquo;blade edge&rsquo; form of the residential tower delivers a boldly modern street presence, complemented by a north-facing glazed fa&ccedil;ade and rooftop sky terrace with unobstructed views.

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Some 60 per cent of the apartments on offer sold, with CBRE's Premium Sales division head Ben Stewart noting the two and three-bedroom apartments sold well

Fortis secure sales flurry at MONA, Darling Point

Following their recent acquisition of 1 Mona Road in Sydney&#39;s&nbsp;Darling Point, the developer Fortis has lodged plans with Woollahra Council for a premium mixed-use development with residential and retail offerings.&nbsp;

Fortis had been looking at creating a commercial development, but have pivoted given the increased&nbsp;demand for luxury apartments in Sydney&rsquo;s east.

Charles Mellick, a director at Fortis, said the team have&nbsp;seen significant demand for well-appointed boutique apartments in Sydney&rsquo;s east in the last year,

&quot;Existing developments in these suburbs have sold out in record time,&quot; Mellick noted.

[smartcode_project:default project_id=108913 project_image_fid=197649]

&quot;The plans for this site in Darling Point have been updated in response to this demand.

&quot;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 &amp; Co.

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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.&nbsp;

All apartments will include external terraces or balconies, with select apartments capturing views across the city, harbour, nearby Paddington and surrounds.&nbsp;

Fortis expect to commence construction by the end of 2021, following development approval.

[smartcode_project:default project_id=108913 project_image_fid=197634]

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&rsquo; Sydney projects currently under construction or under a planning proposal is $1.25 billion, with a further $1 billion pipeline of work in Melbourne.

[smartcode_project_cta: project_id=108913]

Fortis will have the award-winning architects MHNDU work with acclaimed interior designers Richards Stanisich to create the apartments



Fortis lodge $90 million mixed-use Darling Point apartment and retail development 

The former Qantas boss Geoff Dixon and his wife, Dawn has sold their Darling Point trophy apartment.

Their New Beach Rd residence came with $10 million hopes, but sold for just over $11 million&nbsp;through Raine &amp; Horne Double Bay.

There were four buyers in the mex for the apartment that had been scheduled for May 6 auction.

The purchasers were a local family.

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The local paper, The Wentworth Courier advised the 438 sqm apartment had seen 70 people through its first two open homes.

It came with three bedrooms, three bathrooms and double garage parking in the Elandra triplex development.

The apartment was last sold when bought in 2016 for $8.65m from Acme marketing director Victor Topper and his wife, Sandra.

There were $10 million plus hopes for the Darling Point trophy apartment

jchancellor

Former Qantas boss Geoff Dixon sells Darling Point trophy apartment

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Cleveland, the 1885 Darling Point residence of Dr Barry Barker, has been listed with $9 million plus hopes.
Built in 1885 by Robert Tooth, the seven bedroom, four bathroom trophy home has been renovated since it was last sold in 1996 for $2.35 million by the lawyer David Somervaille.
It was previously sold at $3.5 million in 1988 and then in 1994 for $2.1 million. 
It is listed with Ray White Double Bay agent Evan Williams. 
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jchancellor-FAypfDUnLy

Cleveland, Robert Tooth's 1885 Darling Point trophy home, listed

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Stars Wars operative Rick McCallum, the right-hand man of George Lucas during its Sydney production, has finally sold his Darling Point apartment.
Julian Hasemer at 1st City - Hasemer + Caldwell.Eyles had <a href="/news/40161-return-of-the-star-wars-darling-point-trophy-listing" target="_blank">recent $6.5 million plus hopes</a>.
It failed to sell in 2011 when listed with $7.5 million-plus hopes.
T<a href="https://www.1stcity.com.au/Buying/Search/Detail.aspx?id=HCES488&amp;wlid=583d9cd3-b095-498f-a856-ec48e7d7539f" target="_blank">he 370 square metres New Beach Road apartment</a> cost $5.4 million in 2002, a then record price for possibly Sydney's finest promenade given the Morton Bay fig trees that line the foreshore.
The whole-floor unit was designed by Iain Halliday in the L'amarre complex, developed by Barry and Christine Elsbury in partnership with the late Ron White and his widow, Robin.
There's a pretty loggia overlooking Rushcutters Bay. 
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Star Wars' Rock McCallum finally sells Darling Point apartment sale

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Mining boss Peter Freyberg has sold his home in Darling Point for a big loss.
Freyberg, the Australian head of Glencore Xstrata, bought his four-bedroom residence ahead of the GFC on Australia Day eve in 2008 from property developer Eduard Litver for $7 million.
<a href="https://www.realestate.com.au/property-house-nsw-darling+point-119135903" target="_blank">He secured $5.5 million</a> last month, the title records show.
He is off to the $12,365,000 penthouse in the landmark Eliza building on Hyde Park which he bought with his wife Kylie Low.
They met at the Darling Point estate which comes with shared 10 car basement garaging. They didn't meet on the tennis court.
Her neighbouring home was bought in softer 2009 for $5.6 million. She sold for $7 million last month.
Michael Pallier, of Sotheby's International and Adam Ross, of Savills, had the listings.
Bob McMillan was the buyer of <a href="https://www.youtube.com/watch?v=xO5t6wRSXuE" target="_blank">both </a><a href="https://www.youtube.com/watch?v=xO5t6wRSXuE" target="_blank">interconnecting luxury homes</a> on Mitchell Road, called The Palms and The Pavilion.
They were originally developed as part of the Babworth estate by Nati Stoliar's Kimberley Securities.
Printing industry boss Bob McMillan may now list his Hills district estate, Dunrath which was built by Francis de Groot in the late 1930s.
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Not just a coal price collapse, price falls transition to Sydney trophy home offerings

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The Fleming grocery family matriarch, Lois Fleming has snappily sold her Darling Point apartment for $8.5 million. 
It had been listed for late August auction through Raine &amp; Horne agents Max Spartalis and Aaron Fleming, her grandson.
She was married to Jim "The Grocer" Fleming from 1955 to 1982 with the racing industry couple having three sons, Lee, Dean and Paul. 
As a model Lois Wherrett was best known for her quintessential <a href="https://www.pinterest.com/pin/468444798717840630/" target="_blank">1954 Max Dupain photograph</a> with Hugin sewing machine in a Sydney street.
Her Ken Woolley-designed The Point Villas apartment was bought new in 2002 for $5,375,000 from developers Bill Shipton and Mark Bouris. 
This article was first published in the Saturday Daily Telegraph.
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Fleming family secure $8.5 million for Darling Point villa

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Jane Clarke, the widow of the late Macquarie Bank co-founder David Clarke, is set to depart her apartment in the Arts and Crafts Darling Point mansion, Babworth House, almost two years after its listing. 
It came with overly ambitious $20 million expectations, finally selling to developer Denis Ellerker at around $11.5 million.
It had been <a href="https://www.domain.com.au/for-sale/2-1-mount-adelaide-street-darling-point-nsw-2027-2011826067" target="_blank">relisted earlier this year with $12.5 million hopes</a>.
After it was bought by the Clarke's in 2003 for $8 million, architect Michael Suttor and designer Michael Love collaborated. 
Seems thankfully there's no sales commission to be paid by the executors with the deal done direct.
Ofcourse the art collection that lined the walls of the former 1915 home for retailer Sir Samuel Hordern were sold recently at top prices.
This article was first published in The Saturday Daily Telegraph.
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Babworth, Darling Point trophy apartment sale

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Film producer and director Julian Smith has listed his Darling Point sub-penthouse.
He's returning to Melbourne to write, direct and produce a television show described as the automative equivalent to Grand Designs.
<a href="https://www.realestate.com.au/property-unit-nsw-darling+point-123660570" target="_blank">The three bedroom, two bathroom apartment</a> offers Harbour views from the lounge, kitchen, dining and balcony spaces.
It's in a block of just 10 units, best known as the long-time residence of the late former PM Gough Whitlam and wife Margaret.
Smith has owned there since 2007 when he paid $1,135,000 and renovated in 2009.
Laing &amp; Simmons Woollahra agent John Knott has an October 18 auction date for the property.
After selling his ad agency, Julian produced and directed several Australian and US TV shows and films. 
The automotive series, to be titled Brian Tanti’s Workshop will be focusing on Brian’s world-class restoration skills in respect of classic cars, shooting out of Brian’s workshop in Melbourne’s Docklands.
This article was first published in the Sunday Telegraph.
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Darling Point

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