Fortis Doubles Luxury Project at Sydney’s Rose Bay

Fortis is taking advantage of low and midrise reforms to upscale its Rose Bay project. The Sydney-headquartered developer has filed plans with the Woollahra Council to add three storeys to its eastern Sydney proposal. Fortis acquired the amalgamated 2038sq m site at 10-12 Ian Street for a reported $40 million early last year. A development application approved in 2024 comprised an apartment building of 12 units across a three-storey block, plus a swimming pool and landscaping and site works. Designed by MHN Design Union, with planning support from GSA Planning, the new proposal would “continue to complement the existing architectural landscape”, according to documents. The modifications detail the bigger project’s adherence to the Low and Mid-Rise reforms introduced by the NSW Government in February of this year. The reforms, which are now fully implemented after a period of uncertainty and indecision , change planning controls within 800m, or a 10-minute walk, of 171 NSW town centres and stations. They allow dual occupancies, terraces, townhouses and apartment buildings, and the government hopes it will allow another 112,000 homes to be built over the next five years. ▲ Rendering of the previous scheme for the 10-12 Ian Street site. Fortis’s site is within the Low and Mid-Rise (LMR) area for Double Bay centre, 2.6km east of the Sydney CBD. A statement of environmental effects said that the upscaled development would “fill the gap” between freestanding homes and highrise apartment buildings in the area. Fortis associate director for development and head of acquisitions John Yacoub told The Urban Developer that the reforms’ impact was significant. “The reforms have significantly improved the feasibility of certain projects, enabling us to explore larger schemes with increased GFA, additional apartments, and enhanced design outcomes such as improved views and natural light,” he said. Yacoub said that the changes created new opportunities to unlock the full potential of well-located sites in Sydney’s eastern suburbs. “The Ian Street project is a strong example of how we’ve leveraged these reforms to deliver a more ambitious scheme, while still maintaining sensitivity to the surrounding character,” he said. “We’re currently progressing several other developments eligible for the LMR uplift. “[And] continuing to review additional sites that fall within LMR zones, with a view to delivering high-quality, contextually appropriate projects that respond to both the planning framework and market demand.” Rather than the previously planned 12 apartments in a $16.5-million, three-storey project, Fortis plans 22 luxury apartments in a six-storey block with an estimated development cost of $28.5 million. Including basements, it would have a maximum of 10 levels, compared with the originally proposed six. Fortis plans 40 carparking spaces for the block. It would comprise six two-bedroom units, 14 of three bedrooms and two four-bedroom apartments in a “high-quality, elegant and contemporary” building. ▲ Sites in eastern Sydney suburbs such Rose Bay, Vaucluse and Double Bay are perennially in high demand. The proposal has added two-bedroom apartments to the mix “to cater to families and downsizers” and meet “the evolving demands of the local housing market”. Of the two homes on the site, one last sold for $2.35 million in 2014, according to Cotality’s RP Data, while the other is reported to have last sold in 1959 for £13,500. The median house price in Rose Bay is now $5.3 million, an 11.3 per cent decline over 12 months, but unit prices have risen 2.2 per cent in the same time, with median apartment prices reaching $1.6 million. Three-bedroom apartments fetch a median price of $3.3 million in the suburb, according to realestate.com.au. Starting from Sydney, Fortis has expanded outside its NSW stronghold, turning its focus most recently to Brisbane, where it is plotting a New Farm project of 74 apartments designed by DKO Architecture , and a Hamilton development designed by Koichi Takada Architects.

Fortis Doubles Luxury Project at Sydney’s Rose Bay

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