Fortis is moving into the Adelaide market for the first time, filing plans for an $80-million shoptop apartment tower.
The development arm of Pallas Group is partnering with Adelaide boutique developer Otello for the 40-apartment project.
The 10-storey mixed-use project includes 40 luxury apartments on a 1241 sq m site at 134-144 Hutt Street, at the corner of Allen Place.
Fortis and Otello paid $6.02 million this year for the site, home to an office and fuel station. The latter has been converted into a bike shop and cafe.
Under the scheme, that would make way for the DKO-designed building comprising a 35m tower above a two-storey podium and two basement levels. The plans also include 372sq m of retail space and rooftop solar.
The plans are on exhibition with the SA State Planning Commission. A mid-2026 construction start ahead of completion in early 2028 is anticipated.
Adelaide’s apartment prices have increased 8.5 per cent in the past 12 months, according to Cotalilty’s latest housing index.
Apartments in the SA capital are now comparable to buying a unit in Melbourne as the median price for each city nears the $620,000 mark.
Fortis development manager Arthur Dendrinos said the development would be a placemaking project to mark a significant milestone in their national expansion.
“Adelaide has been on our radar for some time,” Dendrinos said.
CBRE director Ned Looker said the high level of interest and competition for the site highlighted the growing demand for premium living in the city’s south-east quarter.
“The final sale price of $4851 per square metre reflects the site’s prime Hutt Street location and its significant development potential,” Looker said.
Fortis has been focused on expanding its footprint in Brisbane, filing two sets of plans in riverside suburbs in past months.
The first was also a DKO-designed block for a low-medium density development of 74 apartments on a 5727sq m site at 424 Bowen Terrace, New Farm.
And last month, Koichi Takada Architects were engaged for a four-storey shoptop project at 53 Racecourse Road, Hamilton, opposite Graya’s latest project, The Gallery.
