Mosman transformation to continue as prime development site listed
The demand for downsizer in apartments is prompting more home owners to band together to create a site more suitable for multi-residential developments.
The latest is on Bond Street, just off Military Road, where four owners have banded together to list their four freestanding homes within 400 metres of the Spit Junction town centre.
They saw the opportunity pending the NSW Government's changes to the Low and Mid-rise SEPP.
“The four owners have agreed it makes sense to enter a co-owners agreement and market the properties in one line to a select group of developers that are active in the local area," Beth McNally, one of the owners of the four properties, said.
The site could be redeveloped into over 28 luxury apartments.
The 1,740m2 site is earmarked to benefit from a material increase to the current floor space ratio from 0.7:1 to an expected 2.2:1 under the SEPP amendments including a maximum building height limit of 22 metres.
The SEPP changes include the Low and Mid-rise housing reforms (LMR) and the Transport Orientation Development Program (TOD) is an NSW Government initiative to increase housing supply located close to established shopping precincts and transport hubs.
Mosman has seen an uptick in demand for quality apartments attractive to local retirees and downsizers.
According to the ABS 2021 census figures the number of people over 65 in Mosman is over 26 percent higher than the national average.
In August, Danny Avidan's Dare Property Group sought to develop 27 apartments above a row of shops at their recently acquired triple site at 696, 700 and 706 Military Road.
Read more: First look exclusive: Established luxury developer Dare Property Group plants a flag in Mosman
The obvious demand for more high-end apartments has had 13 different owners band together in Rose Bay to list a combined 1,377 sqm just one row back from the beach and on the fringe of the Rose Bay village.
McGrath's Craig Pontey says that with the current demand for luxury apartments being exceptionally strong, the site will allow for "many apartments with fantastic Harbour views in a very convenient location."
