Boutique property developer Dare Property, alongside Fortis, recently paid $41 million for a prominent site in Sydney harbourside suburb Point Piper.
The partners plan to build 20 homes on the 2000sq m site at Wunulla Road, subject to approval, after the demolition of existing buildings in October.
In this TUD+ Briefing, Dare Property Group director Danny Avidan discusses its partnership with Fortis, the difficulties and opportunities from its recent site acquisition in Sydney’s blue chip suburb of Point Piper and its development vision for the site.
“I think this is a fair price for a great site and it’s within the proportion of the development we want to reach,” Avidan said.
“When the borders open up again we are going to see a massive increase in migration as we are the place everyone wants to be—and if they are going to be in Sydney, they are going to want to be in the eastern suburbs.”
Located about 6km from the Sydney CBD, Point Piper is a harbourside suburb on the fringe of Rose Bay, Bellevue Hill and Double Bay.
The proposed residential apartment project, named Piper House, will be designed by local architect Luigi Roselli and is expected to be worth around $120 million. Construction is planned to begin in 2022.
“It’s every developer’s dream to develop something iconic,” Avidan said.
“We really want [this development] to create a gateway to Point Piper and the vision is to create something beyond what Dare and Fortis have done in the past.
“It is more about catering for who the purchasers will be, and what they will want and what we feel they will want in a great home that doesn’t just rely on its address.”