Fortis spends $82m on Double Bay sites
Fortis has acquired its sixth Double Bay development site.
Actually four holdings covering 2-10 Bay Street and 294-298 New South Head Road, also with frontage to Brooklyn Lane, the 1863 square metre amalgamation is costing c$82 million.
Founder and director Charles Mellick said he plans to proceed with a permitted four storey project containing ground floor retail and basement parking (artist’s impression, top).
Construction should start next July.
Fortis’ parent, Pallas Capital, will provide the acquisition and project funding.
Double Bay is four kilometres east of Sydney.
Fortis expands in Double Bay
CBRE’s Ben Stewart marketed 2-10 Bay St and 294-298 New South Head Rd.
Elsewhere in Double Bay, Fortis co-holds a heritage listed office at 24 Bay St which was recently approved for a refurbishment (story continues below).
The developer and investor also owns 36 Bay St which – part of which it recently moved into as its headquarters following a renovation (Neil Perry rents another part for a restaurant).
“Fortis has acquired multiple sites in Double Bay over the last few years for a mix of residential and commercial projects” Mr Mellick said.
“Our broader vision for Double Bay is to revitalise it,” he added.
“We are creating a vibrant town centre that appeals to residents and businesses alike, complemented by an enviable selection of dining, retail and entertainment options,” according to the executive.
Last year Fortis, with Dare Property Group, paid $41m for a 2392 sqm block at Point Piper, neighbouring Double Bay, where a $120m apartment complex is planned.
The end value of its 2-10 Bay St and 294-298 New South Head Rd project is estimated to be $185m.
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