The sales value of properties covered by Eastern Sydney Cityscope in the last 12 month period has risen to a staggering $1.027billion; a huge increase from the $414.5 million recorded the same time last year. Contributing to this increase is developer Fortis, showing commitment and faith in Sydney's Eastern Suburbs' Double Bay.
Last year the group bought four properties over two transactions with a combined site area of 1,027 sqm at 19-27 Bay Street, for approximately $49 million. Fortis plans to develop Jubilee House on the amalgamated site, a first-class commercial/retail building comprising 3,180 sqm over five levels.
More recently Fortis purchased another four property block down the road at 2-10 Bay Street and 294-298 New South Head Road. The 1,869 sqm site was bought for $82 million and comes with an approved development application for boutique retail/residential development. It comprises 44 units, 6 shops over 5 levels and 3 levels of basement car parking for 52 vehicles including nine visitor spaces and 56 bicycle spaces.
Another of Fortis’ Double Bay projects has recently gained development approval. Gaden House at 24 - 26 Bay Street, known as a modernist masterpiece designed by architect Neville Guzman, it is to be extended by two levels with many of the heritage elements to be retained and restored. The $50 million re-development is another sign of confidence in Double Bay, which was originally a shelter for fishermen. In is now a shining example of the post COVID surburban/fringe commercial office market.
CoreLogic Australia