Fortis adds two more Melbourne sites to portfolio
Fortis has added two more Melbourne sites to its office development pipeline.
In Richmond, the group is paying Little Projects $16 million for a 907 square metre block covering 1 Little Lesney and 9 Wiltshire streets.
A 12 level complex with activated rooftop and ground floor retail – all up containing about 5500 sqm of lettable area – is planned.
The parcel is near the 1298 sqm site, 8 Brighton St, which Fortis acquired for $19m in late 2020 and is now the subject of a 10 storey, mixed-use proposal.
Nine months ago the Sydney based developer led by Charles Mellick outlaid $26.9m for an 1830 sqm Cremorne block permit-ready for a nine level office.
Colliers’ Ben Baines, Ted Dwyer and Daniel Wolman represented Little Projects.
Fortis buys into Moray Street
Meanwhile, Fortis has acquired its fifth South Melbourne site – 122-132 Moray St – for c$10m.
On the north west corner of York St, the 697 square metre block is opposite the Maori Chief Hotel.
It is also across the road from the eight storey office which Centuria acquired from the Deague Group for $205.1m last August (story continues below).
Fortis is intending a seven floor project.
Both it and Little Lesney St are due for completion in 2024.
Fortis invests again in South Melbourne
Fortis made its maiden Melbourne acquisition three years ago – outlaying $8.55m for a low rise office, 67-69 Palmerston Crescent, South Melbourne, which is now making way for the developer’s local headquarters.
Elsewhere in the suburb, last May, the builder spent $5.05m on a prominent, 297 sqm triangle shaped Kings Way parcel now the subject of an 18 level commercial building.
Seven months ago Fortis paid $12m for an 850 sqm site, 34-40 Eastern Road, which the Victorian Civil and Administrative Tribunal had just permitted be replaced with an eight storey office.
In late 2020 the developer purchased a 492 sqm property, 18-22 Thomson St, with plans for a six floor commercial building.
Set to contain 9000 sqm, that investment is due for completion next year.
Subscribe to our newsletter at the bottom of this page.
