Fortis acquires Double Bay sites for $185 million project

Continuing the expansion of its Sydney footprint, Fortis has acquired 2-10 Bay Street and 294-298 New South Head Road in Double Bay.

The site was acquired for circa $82 million and will be the sixth project by Fortis in the city-fringe harbour suburb. The transaction was negotiated by Ben Stewart from CBRE. 

The prominent corner site comprises four independent properties, and boasts three street frontages on New South Head Road, Bay Street and Brooklyn Lane. The 1,863 sqm site has development approvals for a residential project comprising boutique apartments across four levels, with basement parking for each residence and ground floor retail. Construction on this project is expected to commence in July 2022, with the demolition of the existing buildings on the site completed. Pallas Capital will fund the acquisition and construction of the project. 

“Fortis has acquired multiple sites in Double Bay over the last few years for a mix of residential and commercial projects. 2-10 Bay Street is our newest acquisition and we are thrilled to add it to our portfolio. The residential project on this centrally-located site has an expected end value of $185 million,” says Charles Mellick, Director, Fortis.

He adds, “Our broader vision for Double Bay is to revitalise it. We are creating a vibrant town centre that appeals to residents and businesses alike, complemented by an enviable selection of dining, retail and entertainment options. 2-10 Bay Street and 294-298 New South Head Road will be the sixth project by Fortis in Double Bay, and we are excited to transform this city-fringe location into the most sought after neighbourhood in Sydney.

An affluent, harbourside suburb, Double Bay is located four kilometres from Sydney CBD and known for its thriving, dynamic social scene. The suburb boasts of excellent amenities and transport options, offering easy access to the Double Bay ferry wharf, while Edgecliff train station lies a 10-minute walk away. Double Bay is also known for maintaining a unique village feel, surrounded by high end boutiques and retailers.

Pallas Group is the parent company of structured real estate debt and equity manager Pallas Capital and developer Fortis. The expected end value of Fortis’ Sydney projects currently under construction or under a planning proposal is $1.5 billion, with a further $1.15 billion pipeline of work in Melbourne.