In one of the highest apartment sales in recent months, upscale development manager Fortis has sold a $24m full-floor penthouse at Verano, its luxury residential development project under construction in Sydney’s wealthy Eastern Suburbs.
A local downsizing family have snapped up the penthouse atop the Verano project fronting 10 Ian Street, Rose Bay. According to Fortis, the family required a large, single-level and low maintenance home and since its off the plan purchase has incorporated bespoke additions to the penthouse including a cellar, additional storage, study requirements, as well as variations in wall sizes and the ability to accommodate an art collection.
Spanning an expansive 335sq m, the penthouse features four bedrooms, 4½ bathrooms and three secure car spaces.
The sale follows Fortis’s recent off-market sale of the Ruby House penthouse in nearby Double Bay – the project’s largest residential transaction to date – which was negotiated at a price of around $50m to rich lister Neville Crichton. The transaction ranked as the most expensive apartment sale outside of the Sydney CBD.
A new perspective for the wealthy Sydney suburb of Rose Bay, which has various ultra luxury aged care facilities also under construction, The Verano penthouse attracted strong interest after the release of new architectural view lines, which revealed expansive, previously unseen outlooks stretching further back across the prime suburb of Rose Bay.
These enhanced vistas contributed to the strong buyer response, according to a statement from Fortis.
According to the developer Sydney’s prestige market remains resilient with the last two sales of penthouses demonstrating that demand for premium, design-led residences remains strong, particularly among downsizers and owner-occupiers seeking long-term value in blue-chip locations.
Fortis sales manager Anabelle Nader said there had been speculation that Sydney’s eastern suburbs apartment market was softening.
“Our recent results tell a very different story,” she said.
“The Ruby House penthouse in Double Bay and now the Verano penthouse in Rose Bay show that demand for premium, architecturally led residences remains strong. These are rare offerings, and buyers recognise their long-term value.”
Fortis associate director Avalon Nethery said achieving two significant penthouse sales within weeks speaks to the calibre of our product and the confidence buyers place in Fortis to deliver.
“Purchasers at this level are exceptionally discerning – they prioritise design integrity, quality and location. Verano embodies all of these qualities, and the market has responded accordingly.”
Set on a prominent 2038sq m amalgamated site, Verano is a six-level boutique development with 21 two-, three- and four-bedroom apartments with private balconies and landscaped terrace gardens.
The apartment block features 21 secure lock-up garages along with a communal alfresco dining area and bocce court.
According to Fortis, the development will have never-to-be-built-out north-facing views of Sydney Harbour and the Sydney Harbour Bridge from some apartments.
The project was designed by MHNDU with Alexander & Co completing the interiors. Wyer & Co will do the landscaping.
Many apartments will enjoy sweeping views across Sydney Harbour, with immediate access to Rose Bay village, harbourfront parks and the ferry wharf.
The Verano penthouse sale contributes to Fortis’s strong national performance, with the business recording more than $124m in pre-sales since March.
Prices for remaining apartments at Verano start from $5m for two-bedroom homes, $7.5m for three-bedroom homes, and $8.25m for four-bedroom apartments.
The $24m penthouse sale was negotiated by the Fortis internal sales team comprising executives Ms Nader, Johnny Marusic and Niki Filipovic. Construction of the block is under way following the appointment of Orwell as builder, with completion anticipated by mid-2028.
