ICD Property, Fortis launch projects worth $670m from city to suburbs

“Following Australia’s post-COVID reopening of travel earlier this year, we have already seen tourism slowly grow stronger, with the industry predicting continual growth over the coming years.”

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He said Sydney CBD residences had become increasingly sought after recently, given the rarity of CBD residential developments.

This is ICD Property’s second Pitt Street development, following their redevelopment of Sydney’s City Tattersalls Club that will transform the 127-year-old club into a 50-storey mixed-use tower comprising a 101-room hotel and 241-high end residences.

ICD Property directors said they had long been monitoring Sydney’s construction and property markets, planning projects accordingly.

Belingbak founding director Jack Montgomery said that as Sydney evolves on the global stage, “so to will this building, providing an exemplar benchmark, a feeling of connection and a place loved by tourists and locals alike”.

In Sydney’s eastern suburbs, ​Fortis has acquired a site and secured development approval for a premium residential $170 million project.
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​Fortis bought the 2A James Street for $50 million after 12 months of negotiations with individual owners. The 14 lots will now be consolidated to create a 3,500sq m area.

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 under construction or under a planning proposal is $4 billion nationwide.

“The deal is the largest ever land consolidation in Woollahra and now the largest privately held parcel of land in the suburb,” Fortis director Charles Mellick said.

“This is the first time off the plan apartments of this scale are being offered in Woollahra, also marking the biggest sqm regeneration in this suburb. Our aim with this project is to be sympathetic to its heritage and context, ensuring that the existing buildings are restored.”

Within the design, the 1880s theatre will be restored by Mim Design and converted into a single trophy residence, with an expected end value of $20 million. ​The interiors of the other residences are being undertaken by Alexander & Co.