Developers Fortis and Otello have sold just over a third of the 44 apartments in their $90m residential and retail project on Hutt Street on the southeastern fringe of the Adelaide CBD.
The JV partners racked up $21m in unconditional sales for One Four Four Hutt with the majority of buyers being local downsizers and owner-occupiers.
Prices start from $1.125m for a two-bedroom unit while three-bedders start from just under $2m. The project is being developed at 134-144 Hutt Street on a 1241 sq m corner site.
One Four Four Hutt is the first Adelaide project for Sydney-based Fortis, which is the development arm of Pallas Group, a leading real estate financier.
Fortis head of development for SA, Arthur Dendrinos, said the early sales demonstrated strong buyer confidence in both the project and its location.
“The level of early commitment to the project reflects the confidence local buyers have in the Hutt Street precinct. Many purchasers are long-term east-end residents who love the area and want to stay connected to the neighbourhood,” he said.
Otello Director, Daniel Harris, said the response also highlights the limited supply of new residences within the precinct.
The DKO-designed project features 44 one-, two- and three-bedroom residences and a penthouse collection with ground-floor retail
The project’s display suite will close at the end of July ahead of construction which is scheduled to begin in the third quarter of the year. Completion is expected in 2028.
