Fortis has won approval for stand-alone residential project, its first, in a popular Sydney beachside suburb.
The development, to be called the Bronte Collection, will comprise nine four-bedroom homes with a communal basement.
Each house will have views over Bronte Beach, a four-minute walk away, and feature large living, outdoor and entertaining spaces.
There will be private dual garages with provisions for electric vehicle charging, private pools, outdoor showers and individual lifts. Some residences will have private gyms and saunas.
Waverley Council this week gave the green light to Fortis for its plans for the 2472sq m site at 122-128 Hewlett Street, Bronte, about 7km east of the Sydney CBD.
Work on the on the $134-million residential development is due to begin early nest year.
The plans were designed by MHN Design Union with Alexander and Co and Lawless and Meyerson as interior architects.
It is a change of direction for Fortis to undertake stand-alone housing, according to associate director Patrick Baldock.
“This site marks the start of a chapter for Fortis as we enter a new sector of housing, designing standalone homes that strike a balance between contemporary and classical interiors,” Baldock said.
PPD Real Estate principal Alexander Phillips said downsizers were keen on the area.
“We anticipate strong demand for this high-quality product as the downsizer market continues to strengthen, principally in tightly held Eastern Suburbs coastal locations,” Phillips said.
Last year, plans were filed for redeveloping Bronte’s Surf Club to cater to the changing market.
Fortis is the development arm of Pallas Group, which also is the parent company of real estate financier and investment manager Pallas Capital and was formed in 2016. by Patrick Keenan, Dan Gallen and Charles Mellick.
The Fortis portfolio includes more than $500 million in completed residential and commercial projects, with a further $224 million to be completed by the end of the year.
