Fortis wins planning approvals for $300 million Richmond project

Fortis has secured planning approvals for two new Richmond projects. The combined expected end value of the two developments is $300 million. The projects are situated at 8 Brighton Street and the adjoining 5 Wiltshire Street, with construction expected to commence later this year. 

This is one of the most substantial development parcels to be consolidated in Melbourne’s city fringe area in recent years, and is expected to create a brand new commercial, retail, and residential precinct in Richmond. 

Collectively, the two projects occupy 15 blocks of land. Design studio SJB will design both sites, whilst Pallas Capital will fund the project. Pallas Capital and Fortis both exist under the parent company Pallas Group. 

Included in the recently approved plans are a pedestrian-priority food and beverage retail boulevard along Wiltshire Street. This boulevard will also connect to Bright Street and Little Lesney Street, with six leasing opportunities expected for this boulevard. 

Situated just off the intersection between Church Street and Swan Street, Fortis acquired the 1,298 sqm Brighton Street site for approximately $20 million. The new development on this site will see twelve levels of mixed-use space, 55 apartments across nine levels, and ground floor and commercial space on two podium levels. The project will include three street frontages, unobstructed north and south views, and exclusive access to rooftop amenities, including a wellness area, work-from-home spaces, and barbecues. Basement parking will also be available to residents. 

Fortis acquired the Wiltshire Street site for $33 million. The new project on this site will comprise 11 levels of commercial space, basement parking across three levels, 11,000 sqm NLA, uninterrupted views of the city skyline, premium EOT facilities, and an activated rooftop with barbecues, a bar, wellness areas, workspaces, and communal social spaces for tenants. 

Together, these two projects will create one major development. 

“Our approach with our Richmond projects is similar to our work in Double Bay, where we have considered not just the development of our sites but also how it could enhance the broader neighbourhood. The project will bring to market exclusive food and beverage amenities for approximately 1500 workers and over 150 residents who will call it home, along with the wider Richmond community. We are grateful to the City of Yarra for the planning approvals and are looking forward to working closely with the community to deliver a superior product,” says Charles Mellick, Director at Fortis. 

“This is one of the most substantial site acquisitions for the suburb and the Melbourne city-fringe area,” says Mr Mellick. “With an expected end value of approximately $300 million, we are confident that the project will set a new standard for premium commercial and residential space in the area.”

Richmond is one of the most sought-after city-fringe locations and is well-regarded as the beating heart of amenity within Melbourne. Located right near East Richmond Station, these projects will have direct access to trains, and high-frequency tram stops, providing easy access to key business areas like Melbourne CBD. 

There are also several cafes, restaurants, bars, gyms, wellness studios, and supermarkets close to the sites on Swan Street and Church Street. The infamous MCG and Melbourne Park are also close by. 

With an expected end value of $300 million, this project is an exciting addition Fortis’ portfolio of projects currently under construction. 

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Images courtesy of Fortis.