21 April 2025
Fortis is partnering with local group Otello on an $80m luxury apartment project following their multimillion-dollar purchase of the former Ride Contour cafe and bike shop site on Hutt St in the Adelaide CBD.
The joint venture has paid $6.02m for the 1241sqm site, and is planning a mixed-use development with 40 luxury apartments on top of a ground floor retail space.
It’s the first project in Adelaide for Pallas Group’s Fortis, which has grown rapidly in recently years with a string of residential and commercial projects across Sydney, Melbourne and Brisbane.
Fortis development manager Arthur Dendrinos described it as an “exciting new chapter for Fortis”.
“Adelaide has been on our radar for some time and we’re proud to be entering this market with a partner like Otello, who shares our values around community, collaboration and individual expression,” he said.
“Placemaking is at the heart of everything we do, and this project presents an opportunity to enhance one of the city’s most iconic streets in a meaningful and enduring way.”
Construction is expected to commence in mid-2026, with completion expected by early 2028.
The Hutt St site, between Angas and Carrington streets, was previously a Caltex service station before it was transformed into a one-stop-shop for cyclists by Penny Hospitality. Ride Contour closed in March last year following the expiry of its lease.
“Together, we’re focused on delivering a landmark destination that respects the character of Hutt St while raising the bar for apartment living in Adelaide.”
Otello specialises in urban infill residential and mixed-use developments across Adelaide, including developments at various stages in Mile End, Kent Town, Tonsley, Bowden and Unley.
CBRE director Ned Looker, who brokered the property sale, said it had generated strong interest from a wide range of buyer groups.
“Strong buyer interest saw over 150 enquiries and 15 competitive offers during the five-week campaign,” he said.
“The final sale price of $4851 per square metre reflects both the site’s prime Hutt St location and its significant development potential.”
