Fortis intends to build 10 standalone homes on the site of an older style apartment block, at Bronte, which it has just picked up for $44 million.
The developer, led by Charles Mellick, said the project end value should circle $125m.
Each residence would contain between three and four bedrooms, front and back yards, basement parking and a pool.
Dwellings would offer water views too, with the 2428 sqm R3 Medium Density zoned parcel, 122-128 Hewlett Street, elevated between Bronte and Tamarama beaches.
If approved, Fortis could commence its development by the end of the year.
The purchase comes 12 months since Melbourne developer PB & Co outlaid $60m for a multi-building apartment block with standalone homes including a mansion, on 4240 sqm, at Kurraba Point on the Lower North Shore.
In 2017, developer Vaughan Blank paid $33m for an art deco unit block at Edgecliff, in Sydney’s inner east, to retain as an investment (story continues below).
End of an era
With four buildings containing a total of 22 dwellings, 122-128 Hewlett St was offloaded by the O’Carroll family after five decades.
The deal comes three weeks since Fortis paid $82m for adjoining Double Bay holdings, covering 1863 sqm, with plans for a mixed-use commercial project.
Last June, the developer spent $41m for an older style Point Piper apartment block with plans for a high end one.
Subscribe to our newsletter at the bottom of this page.