Double Bay deal sees developer ditch apartments for commercial tower
Eastern seaboard property player Fortis Development has paid nearly $48 million to buy one of Double Bay’s most strategic amalgamated sites, but the developer appears to have switched plans from proposing luxury apartments to a commercial building in the wealthy Sydney enclave.
Fortis has bought 2 Guilfoyle Ave and 30-36 Bay St, Double Bay, from the Boyarsky family of Anka Property.
The Boyarsky family rose to development prominence with their construction of the $200 million Union Balmain residential development in Sydney’s inner west in 2012.
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The Double Bay site, encompassing 1113sqm, was sold by CBRE agents Ben Stewart and Peter Kreig, both of whom declined to comment.
It has approval for 13 luxury apartments.
But it is understood that Fortis Development director Charles Mellick is proposing to develop a commercial building on the Guilfoyle Avenue and Bay Street address and is in discussions with the local council.
The site houses a couple of commercial buildings and settlement of the acquisition is expected to take place later this year.
Mellick also declined to comment.
Fortis is developing in Melbourne and Sydney and has a couple of other housing projects being built in Double Bay, Bellevue Hill and Rose Bay. Founded in 1968, the privately owned Anka also developed the Liberty Grove residential project at Sydney’s Homebush Bay.
This article originally appeared on www.theaustralian.com.au/property.
