Fortis has acquired a site in Woollahra in Sydney for circa $50 million, as part of a $170 million premium residential development.
Located at 2A James Street, the current existing and dilapidated buildings on the site date back to the late 1800s and early 1900s and will be architecturally restored.
Alongside the refurbished buildings, the approved development will also feature two-, three- and four-bedroom apartments.
Fortis acquired the 14 lots under separate ownership on the 3,500 sqm site following 12 months of negotiations with individual owners.
Funded by Pallas Capital, construction on the project is expected to start late 2023.
The deal marks the largest ever land consolidation in Woollahra and now the largest privately held parcel of land in the suburb.
“Our work at the nearby Pallas House Sydney and Gaden House demonstrates our commitment towards retaining Sydney’s architectural heritage, and we feel privileged to have the opportunity to lovingly restore and reinvigorate this site, bringing it back to life. We will be preserving the best architectural elements of the site so it can be enjoyed by future generations,” Fortis Director Charles Mellick said.
“This is the first time off the plan apartments of this scale are being offered in Woollahra, also marking the biggest sqm regeneration in this suburb.
“Our aim with this project is to be sympathetic to its heritage and context, ensuring that the existing buildings are restored.
“A new build on the site will feature a collection of premium apartments, bringing together unparalleled quality and premium amenities in a location where new apartments are few and far between.”
The site is near the Paddington retail precinct, as well as the heritage-listed Centennial Park.
The lead architects will be MHN Design Union and Wyer & Co will oversee the landscaping.
Fortis has $4 billion in end value worth of projects currently under construction or under a planning proposal nationwide.
Pallas Group is the parent company of Pallas Capital and Fortis.
