AirTrunk founder buys landmark Mosman corner in rare village deal
Billionaire Robin Khuda, founder and chief executive of data centre giant AirTrunk, has snapped up a prominent mixed-use corner block in one of Australia’s most affluent suburbs.
The data centre power player – through his luxury property development business, Ondas – bought the Mosman retail asset from private local vendors, with the tightly held property changing hands for the first time in more than three decades, in a deal brokered by Colliers.
The 587-square-metre property at 713-715 Military Road is described as one of the most closely held landmarks on Sydney’s Lower North Shore, and reportedly tugged at Khuda’s heartstrings.
It was at Niche Cafe, one of the building’s long-standing tenants, where Khuda held regular meetings with Blackstone executives in the lead-up to the $24 billion sale of AirTrunk in 2024.
“That’s where the deal started,” Khuda told The Australian Financial Review.
The iconic corner block, humming with foot traffic, was a late Christmas self-gift for Khuda, with the transaction ringing through on Boxing Day – a relief for both parties keen to see the deal finalised before year’s end after its listing last March.
While Colliers’ Tom Appleby declined to comment on the price guide when the Mosman asset was listed almost a year ago, a reliable market source estimated its value to be at least $15 million.
With a distinctive terracotta-tiled roof, the two-storey village hub – which could eventually add prized views across Balmoral Beach – occupies a commanding position at the intersection of Military Road and Gouldsbury Street, just metres from the Mosman RSL Club and Woolworths Metro.
The property includes six car parks, two residential units and a first-floor commercial space, and is fully leased to seven tenants across retail, office and residential uses, with staggered lease expiries providing income diversity and flexibility. Tenants include Bec + Bridge, Cole Hair Studio and Ogenki Mosman.
Colliers’ Sydney North national directors Tom Appleby and Guillaume Volz clinched the once-in-33-years deal following a highly competitive expressions-of-interest campaign that attracted more than 250 enquiries.
“Assets of this calibre rarely trade. The strong result underscores the depth of demand for premium investments with future development potential on Sydney’s north shore,” Appleby said.
Located about eight kilometres north-east of Sydney’s CBD, blue-chip Mosman is known for its glistening waterways, beaches and leafy streets, dotted with prestige waterfront homes. The median price for a three-bedroom house sits at around $3.55 million.
The purchase aligns with Khuda’s increasing focus on small-scale luxury residential projects through Ondas, targeting prestige suburbs where downsizers are active, and new supply remains constrained.
The deal, equating to roughly $25,000 per square metre of land and delivering a net yield of about 4 per cent, highlights the strength of buyer demand for top-tier village assets offering secure income and longer-term development upside on Sydney’s Lower North Shore.
Described by Colliers as an “ultra-rare parcel”, the site benefits from an 11-metre height limit and is set to join other Mosman properties entering a period of generational change, spurred by recent NSW planning reforms aimed at increasing housing density.
Established and emerging developers have been committing capital to the Mosman village precinct in response to the new laws and enduring demographic fundamentals. Groups including Abadeen, Helm, Rebel Property Group, DARE, Central Element, and LA Property have all signalled intentions to transform sites in the suburb.
While any redevelopment of Military Road is expected to be longer-term, with existing leases extending several years, the site’s favourable planning controls provide scope for a future landmark mixed-use project, subject to approvals.
The acquisition was one of two recent outlays by Khuda, who also snapped up a site in Melbourne’s Toorak, with the pair of purchases reportedly totalling around $30 million.
Ondas also acquired 714 Orrong Road, a site comprising three subdivided properties that could be redeveloped into eight apartments, subject to approval of a development application prepared by architecture firm Powell & Glenn.
Last year, Colliers cited “insatiable demand for high-end boutique living and a chronic undersupply of premium residences” in Mosman, which is surrounded by world-class medical and educational facilities.
The Mosman High School upgrade, completed in February 2024, delivered a state-of-the-art learning environment, while the Military Road asset sits just 100 metres from the new Woolworths Metro – a project that faced significant community opposition ahead of its 2023 opening.
Meanwhile, the data tycoon has added another property pursuit to his growing portfolio: Onterra, which targets commercial real estate. It has already swooped on several sites in Sydney and Melbourne.
