Luxury developer Fortis, the property arm of Sydney investment and private credit firm Pallas Group, is planning a major expansion into Adelaide, including a proposed $150m luxury project in North Adelaide and a possible move into the city’s office market.
Fortis has partnered with local developer Otello on its first Adelaide project, a $90m apartment development on Hutt Street, due to begin construction mid-year.
The partners are also working on a 150-home apartment and townhouse project at the former West End brewery site.
Fortis head of acquisitions for Victoria and South Australia Arthur Dendrinos said the company had been monitoring Adelaide for several years and was now moving to capitalise on growing demand in the apartment market.
“We think Adelaide demonstrates strong and consistent demand, especially when you compare it to states like Victoria,” he said, citing population growth and a pro-development environment.
Dendrinos said Fortis would consider projects ranging from luxury to middle-market apartments within the inner ring and CBD, and may also look at commercial opportunities as conditions improve.
He added the company plans to build a local Adelaide team following the opening of a Pallas Group office last year.
Source: The Advertiser.
