Bronte beach homes to rise on old unit site as Fortis pays $44m
Charles Mellick, director of Fortis
Private developer Fortis has continued its run of Sydney site buying, making a $44m play into the luxury home market by picking up a 22-unit complex in Sydney’s wealthy eastern suburbs nestled between two popular beaches.
The acquisition in beachside Bronte marks the developer’s entry into building luxury home collections, a move slowly gaining traction in the Australian market.
The sale of the 2500sq m block at 122-128 Hewlett St was even arrived at $1m less than the original price guide, in a deal brokered by CBRE’s Nicholas Heaton and Gemma Isgro.
Fortis says it has 10 homes planned for the redevelopment, which will result in three and four-bedroom homes being built with four bathrooms, basement parking, private pools and gardens and just 200m from Bronte Beach. Behind the designs of the new homes are MHN Design Union and Wyer & Co, which is looking after the landscaping. Development is expected to go ahead in September this year once Fortis knocks down the existing property, which is home to 22 two and three-bedroom units.
This unit block will make way for 10 luxury homes.
Funding the acquisition of the site is non-bank lender Pallas Capital, which has built a $1bn empire on lending for boutique residential properties in some of the most sought-after suburbs of Melbourne and Sydney.
Fortis director Charles Mellick said the group was excited to develop its first collection of homes.
Fortis will utilise its expertise in luxury residential projects to develop houses that were “expansive, design-led and well-appointed, with close proximity to retail and lifestyle amenities in the locality,” he said.
“The entire team working on this unique project live in or around Bronte, so there is a natural affinity with the area. With an expected end value of $125m, we are confident that this project will be well received, and we look forward to working collaboratively with the community to deliver a superior product in a desirable location.”
