Apartment developer buys neighbouring Mosman homes, land
Owners of four standalone homes and a vacant block in Sydney’s east have united and sold to a developer.
The 1724 square metre amalgamation, 5-9 Bond Street, Mosman, attracted c$35 million from Star Capital.
Utilising the state government’s recently introduced Low and Mid Rise Housing Policy, a project with 27 dwellings is planned – a gross floor area of c3793 sqm.
Other apartment developers looked in following a public marketing campaign launched in September, 2024, with 11-17 Bond St – all up, 2593 sqm – and c$75m price hopes.
“Positioned…moments from Bridgeport Shopping Centre, the property offers exceptional walkability to cafes, retail, dining and lifestyle amenity, supported by strong transport connectivity,” Colliers’ Guillaume Volz, who brokered the deal with Marina Corvalan, said.
“This transaction is recognised as the first Mosman sale to settle under NSW’s new Low and Mid Rise Housing Policy,” he added.
“Under the new controls, the site benefits from an uplift to a 2.2:1 floor to space ratio and 22 metre height limit enabling up to six storeys and unlocking potential district views and glimpses of the CBD skyline,” according to the executive.
Flexible terms
The vendors secured terms including a straight contract of sale and a nine month settlement.
“The transaction represents one of the first significant sales completed under the Low and Mid Rise Housing Policy,” Mr Volz said.
“While there has been public debate around increased density in established suburbs, the market response has been clear, he added.
“Developers are underwriting these changes, sites are trading, and projects are moving forward,” according to the executive.
Ms Corvalan said “as the Low and Mid-Rise Housing Policy becomes further embedded and development applications progress through the planning system, market confidence is expected to continue strengthening…more sites are anticipated to come to market…and while buyers will remain selective, well-located sites supported by clear planning pathways are expected to continue to attract strong competition, reinforcing the permanence of the policy and its role in addressing housing supply”.
The deal comes six months since we reported Abadeen snapped up neighbouring standalone Mosman homes, also with plans for apartments.
In November, Inca Property acquired a block of Mona Vale villas with plans to utilise the state government policy.
Last month meanwhile, retirement village operator Waterbrook bought 12 Rose Bay homes – spending a total c$173m – with plans for high density product.
Subscribe to our newsletter at the bottom of this page.
