Fortis has paid $50 million for a 3500-square-metre site in affluent Woollahra in Sydney’s east, which it has earmarked for upmarket housing.
The site comprised 14 lots under separate ownership including terrace houses, a theatre dating back to the 1880s and two dilapidated buildings, and marked the largest ever land consolidation in Woollahra, Fortis director Charles Mellick said.
Fortis snapped up a 3500sq m site in Woollahra in Sydney’s eastern suburb for $50 million to redevelop into a $170 million luxury homes.
“This is now the largest privately held parcel of land in the suburb,” he said.
“Woollahra is a fragmented suburb and the opportunity to consolidate such a large site is extremely rare.”
The developer has secured development approval to build 14 luxury apartments, restore the existing terraces and redevelop the theatre into a $20 million home at the 2A James Street site. The estimated end value is $170 million.
“The area is home to an older demographic, many of whom have lived there all their lives,” Mr Mellick said.
“There are very few opportunities to develop new luxury apartments in the area, and we feel fortunate to have been given this opportunity.”
Construction is set to start late next year and is expected to be completed within 18 months.
The two-bedroom homes will cost from $4.5 million, three-bedroom apartments will start at $8 million and four-bedroom residences from $12 million.
“This is the first time off-the-plan apartments of this scale are being offered in Woollahra,” Mr Mellick said.
“Our aim with this project is to be sympathetic to its heritage and context, ensuring that the existing buildings are restored.
MHN Design Union has been appointed as lead architect on the project.
The 1900s terrace interiors are being redesigned by local Phoebe Nicol, and the interiors of the luxury new residences are being undertaken by Alexander & Co.
The 1880s theatre will be restored by Mim Design and converted into a single residence.
Mr Mellick said none of Fortis’ projects had been affected by the supply crunch and cost blow outs.
“We are currently seeing construction prices flatten across all of our new projects which is encouraging,” he said. “We don’t anticipate further escalation due to the fact that a lot of projects are being stalled.
“We have assembled the project team well in advance of construction commencement and have reviewed any potential risks for material supply as well as put necessary contingency plans in place to ensure that there is no delay.”
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