Fortis is paying Icon Developments $19 million for a Richmond site behind hotel Union House.
The arm of Sydney-based Pallas Capital has earmarked the 1298 square metre parcel at 2-8 Brighton Street for a 10-level complex with apartments, offices and retail.
The holding offers south facing view security over the train line near East Richmond station.
It is also relatively quiet to car traffic – Brighton St, like many roads south of Swan, blocked from crossing the rail.
Previously Icon had planned a residential project for the land, a couple of hundred metres from Barkly Gardens.
Elsewhere in the suburb Riverlee is proposing a 13-storey complex at 484 Swan St – a commercial property once owned by former premier Jeff Kennett and where Beyond Blue is said to have started.
The Brady Group is also forging ahead with an 11-floor hotel which will be leased to Accor at 203-207 Bridge Road.
Grocon, which put its construction business into administration today, with GIC, recently appointed Hacer to replace Richmond Plaza with a $220m village containing retail and Build to Rent apartments, the tallest in a 12-level tower.
In June Poly Global unveiled plans for a commercial building of this height over three parcels near the Pelaco sign – 150-152 Bridge Rd, 1-3 Allowah Terrace and 195 Lennox St. That project would add nearly 10,000 sqm of A-grade office area and a retail-themed laneway.