Fortis said the approval marked a significant milestone as one of the first sites in the elite suburb of Rose Bay to be granted under the state’s newish low- and mid-rise housing policy.
All up, Fortis plans a six-level block comprising 21 two-, three- and four-bedroom apartments with a mix of private balconies and terrace gardens in the project to be named Verano.
Prices for two-bedroom units are expected to start from $4.5m, while three-bedders will be priced from $6.5m.
There will also be a full-floor four-bedroom penthouse with a price guide yet to be revealed.
The units will be serviced by 40 basement carparking spots as well as communal alfresco dining and a bocce court.
The architect for the 10 Ian Street, Rose Bay, project is MHNDU; interiors are by Alexander & Co., and landscaping will be by Wyer & Co.
Many units will have views of Sydney Harbour, with the project on a prominent 2038sq m amalgamated site, close to the Rose Bay Village, harbourfront parks and the Rose Bay ferry wharf.
Construction is under way by builder Orwell, with completion expected by mid-2028. Fortis will start marketing the apartments in mid-May through its in-house sales team.
Mr Eve said Rose Bay “is a neighbourhood we know well – we have been building here for close to a decade. Verano has been designed to make the most of its outlook and natural light, with generous interiors and a refined material palette.”
Fortis is expecting strong interest from downsizers, both local and from outside the area, adding that Verano will appeal to buyers who prioritise quality and lifestyle factors, including walkability, convenience, and a coastal setting.
Across Sydney Harbour, Justin Brown’s Abadeen has also won a development approval under the NSW government’s LMR Housing policy. Abadeen will develop 27 units on its 27-29 Heydon Street site in Mosman, with four units per floor. The building will include four half-floor penthouses with views across Middle Harbour, Sydney Harbour and the surrounding district.
The project is expected to appeal to downsizers and owner-occupiers seeking house-like proportions, privacy and local convenience. Prices for two-bedroom units will start from $1.99m.
Positioned on Mosman’s ridge line, the site has north-facing Middle Harbour views from level two upward, which Abadeen “expects will strongly resonate with owner-occupiers and downsizers”.
Abadeen expects to start selling apartments in Heydon Street later this year.
