Fortis’s Rose Bay Scheme Turns Dirt After LMR Upscale Fight

Fortis has broken ground on a Rose Bay apartment project upscaled under NSW’s housing reforms, taking a $40-million site from 12 approved apartments to 21. On Ian Street, land rises sharply from the road before opening towards Rose Bay in Sydney’s eastern suburbs, where harbour views and scarce amalgamated sites underpin demand for large, high-end apartments. The approval takes the project from a three-storey consent to a six-level building, making it one of Rose Bay’s earliest projects under the Low and Mid-Rise (LMR) Housing Policy to move into construction. Sydney-headquartered Fortis acquired the 2038sq m amalgamated site at 10-12 Ian Street early in 2024 for a reported $40 million. It already had consent for a three-storey apartment building before the NSW Government’s housing reforms changed the planning envelope for low and midrise housing near selected town centres and transport hubs. Fortis returned to the Woollahra Council last year with an amended scheme under the LMR controls, lifting Verano to a six-level apartment building. The proposal was previously lodged with an estimated development cost of $28.5 million. ▲ Earthworks have started on Fortis’ Verano site at Rose Bay, with the Sydney Harbour outlook framing the six-level LMR project. The Woollahra Council refused the amended scheme in late 2025 before approval was secured through the Land and Environment Court in April. Court-approved plans by MHNDU show 21 apartments, two basement levels, 40 car spaces, a full-floor penthouse, communal alfresco dining and a bocce court. The scheme comprises two, three and four-bedroom apartments, with private balconies and terrace gardens. Price guidance starts at $4.5 million for two-bedroom apartments and $6.5 million for three-bedroom apartments, with four-bedroom apartments by negotiation. ▲ An Alexander &amp; Co interior rendering of Verano, where price guidance starts at $4.5 million for two-bedroom apartments. Sales will be managed by Fortis’ in-house team. Orwell has been appointed as builder and completion is expected in mid-2028. Fortis head of delivery Stephen Boulos told guests at a sod-turning ceremony for the project that the milestone was where “ideas, concepts and design give way to construction and all things delivery”. Boulos said Orwell first walked the site with Fortis while the earlier approval was still in place. He said the project reflected the original direction of Fortis managing director Charles Mellick. “When Charles first acquired this site, his vision for the building was inspired by the timeless elegance of a Mediterranean villa,” Boulos said. “The result is a project we firmly believe will set a new benchmark for Rose Bay.” ▲ A Verano terrace rendering showing the Rose Bay outlook which underpins Fortis’ high-end apartment play. The design team includes MHNDU, Alexander &amp; Co, Wyer &amp; Co and Neoscape. Under the court-approved plans, the LMR policy allows a building up to 22m on the medium-density residential site, with floor space equal to 2.2 times the land area. The NSW Government’s LMR policy took effect for midrise apartment buildings in February last year and allows more dual occupancies, terraces, townhouses and apartments within 800m of selected town centres and transport hubs. It has become a flashpoint at Woollahra, where the council has argued the reforms override local controls in established suburbs including Rose Bay, Double Bay and Edgecliff. ▲ Fortis head of delivery Stephen Boulos at the Verano sod-turning ceremony at Rose Bay. Verano is among the first Rose Bay projects to move from LMR approval to construction. Verano adds to an Fortis’s eastern suburbs pipeline of under-construction projects across its Woollahra Collection, MONA and Ruby House, which the company said were nearing completion. Regency House and Cross Street are also progressing. Fortis said it had recorded more than $100 million in sales during March and April across its national portfolio. The company, part of Pallas Group, also has projects under way in Brisbane, Melbourne and Adelaide.

Fortis’s Rose Bay Scheme Turns Dirt After LMR Upscale Fight

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