Fortis has acquired two new sites in Brisbane, cementing its expansion into the Queensland market. 

​Located in Kangaroo Point and Newstead, the sites will be developed for projects with a cumulative end value of $165 million. Both projects will be funded by Pallas Capital, the non-bank lender arm of Pallas Group.

The transactions were negotiated by Simon Caulfield from Place Kangaroo Point for the Kangaroo Point site and Clinton Mallon from Elders Commercial for the Newstead site.

​“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,” says Charles Mellick, Director, Fortis. 

​He adds, “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. 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.”

​The DA for the 1,196 sqm riverfront site on 44 O’Connell Street in Kangaroo Point is expected to be lodged by March 2023. The circa $100 million project will feature 14 levels with luxurious full-floor apartments in addition to a two-level penthouse. The project will offer residents a wellness centre, a riverfront pool and outdoor entertaining space, a pontoon with a private mooring, parking across three levels, and a private rooftop and pool for the penthouse. The site itself offers 20 metres of dedicated Brisbane river frontage, alongside proximity to the CBD, retail amenities and the upcoming $190 million Green Bridge in development by Brisbane City Council, directly linking Kangaroo Point to the CBD. 

​A mixed-use $65 million development on 12 Kyabra Street in Newstead will offer premium commercial office space, with extensive ground floor retail activation. The site will also become the Queensland headquarters for Pallas Group. Acquired for circa $6 million, the 921 sqm site has existing development approvals for an 11 storey commercial development, but an amended DA was lodged with Council in early February. Offering approximately 4,500 sqm of NLA, construction on the project is expected to commence in mid-2023. 

​A prominent city-fringe location, Newstead is located two kilometres away from the Brisbane CBD. The site itself offers convenient access to the Newstead River Walk and is a short walk away from the Gasworks Plaza, James Street precinct and Fortitude Valley train station. 

​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.

​For more information about Fortis projects, visit fortis.com.au.