Fortis unveils plans for $125 million townhouse project in Bronte
Fortis, a Sydney-based private development group that quickly amassed a $4.5 billion pipeline, has unveiled plans for its first townhouse project in the city’s affluent eastern suburbs.
The $125m proposal is for a 2,400m² site near Bronte Beach acquired by subsidiary Pallas Capital earlier this year for $44m.
The site belonged to the same owner for 50 years before the arrival of Pallas.
Fortis chief executive Charles Mellick said the developer was attracted to the site because of its location between Tamarama and Bondi Beach to the north, Clovelly and Bronte beach to the south and the Bondi Junction and Westfield interchange to the west.
“The proposed scheme has been developed in response to increased demand for luxury homes in Sydney’s east [and] will be Fortis’ first home collection,” Mellick said.
The 2,400 sqm site, currently occupied by 22 two- and three-bedroom units spread across four aging apartment buildings, will be redeveloped into 10 free-standing townhouses, designed by long-time Fotris design partner MHN Design Union.
Each residence will have views of Bronte Beach from its upper levels and will contain between three and four bedrooms, four bathrooms and front and back yards, as well as basement parking.
Aimed at upscale homeowners, each home will have private master retreats throughout the floor, including large bedrooms, bathrobes and ensuite bathrooms, laundry rooms, custom pools, and built-in appliances.
Some residences will also have wellness rooms that can be converted into gyms or studios, as well as cinema rooms and the option of having a private art studio or children’s playroom.
Construction on this site is expected to begin by mid-2023, pending planning approvals by Waverley Council.
Fortis has been busy over the past 12-18 months, completing a significant development pipeline with premium residential apartment projects and retail projects in Sydney and Melbourne.
The developer’s portfolio already includes over $275 million in successfully completed residential and commercial projects, with an additional $225 million to be completed by the end of the year and new developments, valued at over 4.5 billions of dollars, expected over the next few years.
He has long focused on the expensive eastern suburbs of Sydney and Melbourne, such as Rose Bay, Double Bay, Toorak and Brighton.
In March, Fortis, in partnership with Assembly Funds Management, took over Double Bay’s Cross Street car park.
Fortis is currently drawing up plans to transform the aging car park into a new cinema complex comprising 9000m² of commercial, community and office space, as well as 18 residential apartments.
He also has plans for another Double Bay location that he merged earlier this year for $82 million.
The developer has secured 2-10 Bay Street and 294-298 New South Head Road, which it has since joined with a neighboring site at 21-27 Bay Street to create a 1900m² plot. He now has plans for a $130 million project featuring five floors of office space and retail on the ground floor.
In Piper Point, the developer, in partnership with Dare Property Group, recently broke ground on an 18-residence, $120 million project after spending $41 million on a 2,400 sq m site at 2A Wunulla Road.
Fortis is also advanced on a seven-storey project designed by MHNDU comprising residential and commercial offerings on a 1,250m² site at 1 Mona Road in Darling Point and a 12-unit project in Rose Bay known as Spencer Street which has also was designed by MHN Design Syndicate.
Meanwhile, in Neutral Bay, the developer is set to deliver a boutique apartment project comprising six half-story residences and topped with a full-story penthouse at 5 Colindia Avenue.