Sydney’s largest apartment block sale ever as Fortis Group pays $45m in Bronte
Sydney has recorded its largest ever apartment block sale at a whopping $45m and its buyer, Fortis Group, is NOT proposing to build units there.
The 2500 sqm beachside site at 122-128 Hewlett Street, Bronte has been owned by the O’Carroll family for 50 years, according to property records and when it hit the market last October it was pitched as one of the area’s best development opportunities in a decade.
When contacted, Fortis Group director, Charles Mellick, said he couldn’t confirm he was the purchaser of the huge site, just 200m from Bronte Beach, due to a confidentiality agreement.
However, well-placed sources have revealed that Fortis is behind last week’s deal, hatched via CBRE agents Nicholas Heaton, Gemma Isgro and Henry Robertson.
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They were also not discussing the purchaser.
The sources, though, say rather than apartments, it’s 10 grand and large houses that Fortis is proposing for the site.
The previous highest apartment block sale was $33m for an Art Deco block in Edgecliff in 2017, snapped up by investor Vaughan Blank.
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The price guide for the Bronte site was intially $30m, which was lifted to $45m as interest grew.
The property includes 22 large 1960s era two- and three-bedroom apartments, which are destined to be bulldozed.
Heaton was understandably upbeat about the potential of the site when the campaign was launched last year.
“We expect considerable interest from local, interstate and offshore investors and developers seeking to snare one of Sydney’s largest beachfront real estate opportunities,” Heaton said.
All the apartments have private terraces and individual lock up garages.
Options for the new owner included refurbishing the existing buildings, revert rents and hold, undertake a strata selldown or fully redevelop the land subject to the relevant planning approvals.
Isgro added: “The location speaks for itself.
“The 22 apartments are generous in size and being situated in an elevated Bronte cliff position, they all benefit from 180-degree views from Bronte to Tamarama.”
The property is situated close to local amenities and shops.