Fortis, Dare pay $41m for Point Piper site

Pallas House, which has been taking shape in Double Bay, will house a Neil Perry restaurant.

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.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.