Fortis has acquired another Rose Bay property for $28.5 million and the 2,223 square metre site will join its expanding portfolio of boutique residential developments in the ritzy suburb.
The new project on Spencer Street will be the third Rose Bay site for Fortis, after The Benson and No. 1 Carlisle. A development application will be submitted to Council by mid-2021 with an expected completion date by late 2023.
According to Fortis director Charles Mellick, wealthy downsizers have been their biggest luxury apartment investors. They sell their palatial homes for a profit and move into a smaller but still upscale apartment and have enough money left over for their middle-aged children, who might also want to get into Sydney’s luxury property market.
Mr Mellick also said that Fortis didn’t pre-sell units at No. 1 Carlisle since four of the nine apartments were sold before the residential complex could open and they are expecting to sell out the rest in the next two months at the full asking price.
“We are excited about this latest acquisition on Spencer Street, a development that we feel will go on to become a future classic in the area,” he said.
Meanwhile, Fortis is also focusing on commercial developments in Double Bay with the highly-anticipated Pallas House. The company has over $2 billion projects in the pipeline in Sydney and Melbourne.
