Sydney-based developer Fortis is doubling down on its move into south-east Queensland with a second acquisition in Brisbane.
The acquisitive developer recently filed plans to amend the development application for its Kyabra Street mixed-use project at Newstead.
Fortis has further added to its inventory snapping up another inner-city site—44 O’Connell Street at Kangaroo Point, fronting the Brisbane River.
Fortis director Charles Mellick said it was a “natural progression” for the developer and its parent company Pallas Capital to move into the Queensland market.
“The past 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.
“Launching in the Brisbane market was a natural progression for us, allowing us to introduce the Fortis approach to newer markets and audiences.
“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.”
A development application for a 14-storey full-floor apartment development on the 1196sq m site at Kangaroo Point site is expected to be filed next month.
The $100-million project would also include a two-level penthouse, wellness centre, riverfront pool and outdoor entertaining space, as well as private mooring and parking.
It follows the filing of amended plans for a $65-million mixed-use development for the Queensland headquarters of Pallas Group at 12 Kyabra Street at Newstead.
The end value on both the Newstead and Kangaroo Point projects is $165 million, according to Mellick.
Pallas Capital will fund the new builds, as the group extends its interests in the Sunshine State.
Pallas Group is the parent company of real estate financier and investment manager, Pallas Capital, and property developer, Fortis. The expected end value of Fortis projects currently under construction or under a planning proposal is $5 billion nationwide.
