Sydney property developer Fortis acquires new Double Bay sites for $130m project
Fortis has acquired several Double Bay sites under its expansion.
Sydney property developer Fortis has acquired the commercial and retail space of 19 Bay Street in Double Bay for $10.6 million.
The site will be amalgamated with the adjoining 21-27 Bay Street which was acquired by the company in April for $38.5 million.
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The acquisition of Jubilee House will assist Fortis in creating a five-story commercial building, with retail space on the ground floor.
Sydney property developer Fortis has acquired the commercial and retail space of 19 Bay Street, Double Bay.
Fortis lodged plans for the project with Woollahra Council in November, with the proposal including dual street frontages on Bay Street and Gum Tree Lane, expansive floor plates, high quality EOT amenities, outdoor terraced areas and parking for bikes, motorcycles and cars over four basement levels.
“Our latest acquisition on Bay Street gives us the opportunity to respond to the consistent demand for premium commercial space that we have seen in Sydney, especially in city-fringe locations,” Fortis Director Charles Mellick said.
Fortis has acquired several Double Bay sites under its expansion.
“This will be our fourth commercial project in Double Bay, and we are confident that this development will be equally well-received. We look forward to delivering a superior product with exceptional amenities and features to the local community.”
An image of Fortis Director Charles Mellick.
Construction at the site is expected to commence in the second half of 2022 once the amended DA is approved by the local council.
Located four kilometres from the Sydney CBD, Double Bay boasts amenities and is serviced by transport options which has access to the ferry wharf and Edgecliff train station.
Known for its high end boutiques and retailers, the suburb has maintained its village feeling throughout the pandemic when shops closed down.
An exterior view of the Fortis building on 2 Gullifoyle Avenue, Double Bay.
The second site acquired by Fortis in Double Bay is estimated to begin construction in the middle of next year, with an approximate end value of $90 million,
In 2019, the company also purchased a site on 30-36 Bay Street for $32 million.
The company is in talks with a mix of food and beverage enterprises and high-end fashion retailers to potentially inject new life into the neighbourhood.
Pallas Group is the parent company of structured property investment arranger Pallas Capital and Fortis.
The expected end value of Fortis’ Sydney projects currently under construction or under a planning proposal is $1.25 billion, with a further billion for a pipeline of work in Melbourne.
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