Fortis and Dare Property have splashed $41 million on a 2393sq m site at Wunulla Road at Point Piper.
Eighteen luxury boutique homes will be built on the site in 2022, subject to approval, after the demolition of existing buildings later this year, according to Fortis director Charles Mellick.
“We are looking forward to partnering with Danny Avidan and Dare Property Group on our new project in Point Piper, bringing a premium product to an exclusive location,” he said.
“Piper House will offer residents proximity to key retail and commercial precincts in the locality, alongside excellent amenities.
“With an expected end value of $120 million, we are confident that the proposed development will be well received by Point Piper locals and the wider community, unveiling a fresh approach to luxurious apartment living.”
It is a significant project for Dare Property Group director Danny Avidan, who also lives in the area.
“Charles Mellick and I have been long-time residents of Point Piper and we share a strong, emotional bond with its close-knit community,” he said.
“We feel privileged to have the opportunity to develop in Point Piper, and are excited to present Piper House, which will bring to life our shared values and vision for this premium enclave.”
The Luigi Roselli-designed Piper House will be set across four levels of residential space, with basement car parking, and is designed for empty nesters and interstate purchasers.
CBRE’s Ben Stewart negotiated the $41 million sale and said the market was tightly-held in the waterfront eastern suburbs of Sydney.
“There is a flight to quality for buyers who are seeking prime positioned, well-designed homes in high-quality developments,” Stewart said.
“There has been nothing of this scale built in Point Piper for many, many years.”
Non-bank lender Pallas Capital will fund the acquisition and construction of the project. Pallas Group is the parent company of Pallas Capital and boutique developer Fortis.