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Sydney-based developer Fortis has cemented its expansion into Brisbane, having snapped up a site in Kangaroo Point and Newstead to oversee two luxury projects with a combined end value of $165 million.
The plans will be funded by Pallas Capital, the non-bank lender arm of Pallas Group – a debt and equity fund manager that is also the parent company of Fortis.
Founded in 2016, Fortis’ portfolio already includes more than $500 million in successfully completed residential and commercial projects, with an additional $224 million to be completed by the end of this year.
Fortis director Charles Mellick said launching into the Queensland market was a “natural progression” for the company.
“The last few years have been exceptional for Fortis, as we expanded our portfolio across the eastern seaboard with premium projects in Sydney and Melbourne,” Mellick said.
“Our project in Kangaroo Point is a rare offering, this being an absolute riverfront site with no public parklands or roads in front of it.
“The timing is right as we see record-breaking activity in the off-the-plan luxury market in Brisbane, alongside record prices being achieved in square metre rates.”
The development application (DA) for the 1,196sqm site on 44 O’Connell Street in Kangaroo Point is expected to be lodged next month, with the $100 million project to feature 14 levels of full-floor apartments and a two-level penthouse.
It will also offer residents a riverfront pool and outdoor entertaining space, a pontoon with a private mooring and a private rooftop and pool for the penthouse.
Acquired for roughly $6 million, the second project is situated on 12 Kyabara Street in Newstead and will be developed into a $65 million mixed-use commercial office space that is set to become Pallas Group’s Queensland headquarters.
The 921sqm site has existing development approvals for an 11-storey commercial development, but new plans have been lodged for a 4,500sqm project slated to commence mid-year.
The transactions were negotiated by Simon Caulfield from Place Kangaroo Point for the Kangaroo Point site and Clinton Mallon from Elders Commercial for the Newstead site.
The expected end value of Fortis projects currently under construction or under a planning proposal is $5 billion across Australia.
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