Fortis, in partnership with Dare Property Group, has acquired another inner-east development site – this time at Point Piper.
The 2393 square metre Wunulla Road parcel is costing $41 million.
It is earmarked for an 18-unit luxury apartment complex with an end value of c$120m.
Construction is expected to start early next year.
CBRE’s Ben Stewart negotiated the site sale.
The deal comes three months since Fortis paid $28.5m for a 2200 sqm Rose Bay block (story continues below).
Last December it acquired an Edgecliff property, 80-84 New South Head Rd, for $24m.
In 2019 its parent, Pallas Capital, spent nearly $48m on adjoining Double Bay parcels, one – 30-36 Bay Street – which was recently extended and will part act as its Sydney headquarters.
In Melbourne the company, headed by Charles Mellick. recently outlaid $14.25m for a collection of homes near the Church St retail strip, also with plans for a high-end apartments.
Subscribe to our newsletter at the bottom of this page.