Developer snares Northern Beaches block following policy change
Inca Property Group has swooped on a Mona Vale apartment block recently approved for a higher density project.
Offered as a majority stake in 18 stratas – an entitlement of over 75 per cent, which would compel the others to sell, 35-39 Darley Street East set it back $40 million.
Luxury apartments are planned for the 2662 square metre Medium Density zoned block, affected by the recently introduced Low and Mid Rise (LMR) Density Housing Policy which would encourage a much larger project.
LMR provision boosts value
Belle Property’s James Willing and Josh Perry marketed 35-39 Darley Street East.
In the Mona Vale Basin, they said the property is walking distance to Mona Vale Beach, the town centre, Pittwater Place, with a Harris Farm Market, Mona Vale Golf Club, Apex Park and coastal walking trails.
Mona Vale is about 28 kilometres north of Sydney’s CBD.
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