Fortis acquires Double Bay sites for $82m, expanding eastern suburbs footprint
Property developer Fortis has continued to expand its Sydney footprint, acquiring two Double Bay sites for circa $82m – its sixth project within the harbourside suburb.
The sites of 2-10 Bay Street and 294-298 New South Head Road comprise four independent properties, with multiple street frontages on New South Head Rd, Bay St and Brooklyn Lane.
The $185m acquisition comes as the company teamed up with Marprop to jointly secure development approval to refurbish 24 Bay St in Double Bay – with the $50 million renovation project to commence in June 2022.
MORE:
Simple ‘path’ to adding significant value to your home
What we know about the Block 2022
One of Mosman’s largest estates for sale
The acquisition of the Double Bay site is the sixth made by Fortis within the suburb.
As part of the upgrade, two levels will be added to the development site – offering 1,294 sqm of space.
This is comparatively smaller than the 1,863 sqm site at Bay St and New South Head Rd, which has development approvals for a residential project with four levels of apartments, basement parking and ground floor retail.
According to Fortis Director Charles Mellick, the existing buildings on the site have been demolished and construction on the project is expected to commence in July 2022.
The site has development approvals for a residential project comprising of apartments over four levels with basement parking and ground floor retail.
“Fortis has acquired multiple sites in Double Bay over the last few years for a mix of residential and commercial projects. 2-10 Bay St is our newest acquisition and we are thrilled to add it to our portfolio,” Mr Mellick said.
“Our broader vision for Double Bay is to revitalise it. 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. We are excited to transform this city-fringe location into the most sought after neighbourhood in Sydney.”
The residential project has an expected end value of $185m, with the joint acquisition of 24 Bay St valued at $50m.
The expected end value of Fortis’ Sydney projects currently under construction or under a planning proposal is $1.5b, with a further $1.15b of work in Melbourne.
The affluent eastern suburbs locale of Double Bay is enjoying a significant revitalision brought on in part via dynamic new upscale developments and downsizers keen to experience a village lifestyle.
In 2021, the media unit price in Double Bay, rose from $1.4m to $1.81m, yearly growth of almost 30 per cent.
MORE:
Party mansion has own nightclub, 50,000 crystal chandelier
‘Enter with caution’ semi sells for life-changing price
60 Sydney suburbs with worst debt problems
