Fortis cements its expansion into the Queensland market with two new blue-chip sites in Brisbane

Market Insights
1 year ago
2 minutes

Fortis, one of Australia’s foremost developers, has acquired two new sites in Brisbane, cementing its expansion into Queensland’s luxury property market.

Located in the blue-chip suburbs of Kangaroo Point and Newstead, the sites will be developed for projects with a cumulative end value of $165 million.

Charles Mellick, Director of Fortis, remarked, “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.

“Launching in the Brisbane market was a natural progression for us, allowing us to introduce the Fortis approach to newer markets and audiences.”

Boasting a riverfront site, Fortis’ upcoming Kangaroo Point development will offer luxurious apartments and a penthouse. Image courtesy of Fortis.

Situated on a 1,196 sqm riverfront site on 44 O’Connell Street, their upcoming Kangaroo Point project will feature 14 storeys comprising luxurious full-floor apartments and an exclusive two-level penthouse.

The circa $100 million development will boast a suite of onsite amenities, including a wellness centre, a riverfront pool, an outdoor entertaining space, a pontoon with private mooring, parking across three levels, and a private rooftop area with pool for the penthouse.

The DA for this site is expected to be lodged by March 2023. With 20 meters of dedicated Brisbane River frontage and close proximity to the city, retail amenities, and the upcoming $190 million Green Bridge that will directly link Kangaroo Point to the CBD, this project is bound to be a prime residential offering.

Mr Mellick affirms this, saying, “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.”

Fortis’ Newstead project will be a mixed-use development. Image courtesy of Fortis.

Located on 12 Kyabra Street, Fortis’ Newstead development is expected to commence construction in mid-2023. A mixed-use development, the $65 million project will offer premium commercial office space and extensive ground-floor retail.

The site will also become the Queensland headquarters for Pallas Group. Pallas Capital, the non-bank lender arm of Pallas Group, has funded both the Kangaroo Point and Newstead projects.

“With a cumulative end value of $165 million, we are confident that both projects will be well received, and we are excited to be delivering them to the Brisbane property market,” said Mr Mellick.

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.

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Header image courtesy of Fortis.