Fortis has bought an apartment building in Bronte, Sydney for $44 million with plans to develop it into luxury homes worth $125 million.
The 122-128 Hewlett Street property is situated on a 2,428 sqm site less than 200 metres from Bronte beach in Bronte – located 8km east of the Sydney CBD.
The project will comprise 10 homes each offering three or four bedrooms, four bathrooms, basement parking, private pools and gardens.
Construction is expected to start in September 2023, once the demolition of the existing buildings on the site is completed.
Pallas Capital will fund the acquisition of the site, while MHN Design Union has been appointed as the architects and Wyer & Co appointed for landscaping.
“We are thrilled with our latest acquisition in Bronte as this will be the first collection of houses by Fortis,” Fortis Director Charles Mellick said.
“With an expected end value of $125 million, we are confident that this project will be well received, and we look forward to working collaboratively with the community to deliver a superior product in a desirable location.”
CBRE’s Nicholas Heaton and Gemma Isgro negotiated the site deal.
Last month, Sammut Group has bought a beachfront development site in Cronulla from a group of property owners for $38 million for a new development, setting a new sale rate for the area.
Sammut Group Director and CEO Allen Sammut said their acquisition paved the way to make a significant contribution to Cronulla, helping to create the missing link connecting the popular suburb from the station to the beach, with both residential and retail activation.
It comes after a local developer paid $18 million for an amalgamated Neutral Bay site in Sydney this week, selling for more than $1 million above the price guide.
The purchaser intended to build a mixed-use development on the Neutral Bay site, which had a 45m frontage, a B4 mixed-use zoning and a 16m height limit.