Mosman home owners list three titles to pave way for luxury development
Three neighbouring homes in one of Sydney’s most affluent suburbs have been listed for a collective $24 million, and are likely to be demolished and reborn as luxury apartments – for which initial plans have been drawn.
The 1135.2-square-metre offering comes from a trio of Mosman home owners of different ages and stages, and was spurred by a $41.5 million mega-site sale across the road.
The two-storey family homes are located at 144, 146 and 148 Cowles Road, on an elevated corner site on the lower north shore, just 390 metres from Mosman village.
The development opportunity, Altura, offers a six-storey, 22-apartment complex with incredible harbour and Sydney CBD views, with initial drawings by Corben Architects.
“They’ll probably get a premium of 50 per cent over the value of their house,” says listing agent Michael Stokes, of Stanton Hillier Parker International North Sydney.
“I think they see that there’s going to be quite a lot of development in Mosman. So rather than chasing a money windfall gain, I think they were more thinking, well, do we want to live opposite a development site?”
Stokes says the opportunity to sell collectively arose after recent mega-site sales were made in Mosman, following the NSW government’s change in low to mid-rise housing controls. There was also a desire to avoid having a construction site at their front door and the once-in-a-lifetime chance for a payday above the market value for a single property.
The cost of an average three-bedroom home in Mosman is $3.55 million, or $7.7 million for five bedrooms, according to Domain Insight.
The state government’s new laws override Mosman Council’s planning controls to allow higher and denser development, with their size dependent on being within walking distance of town centres.
The trio of Cowles Road vendors include a family with primary school-aged children, a couple in their 70s, and a family with older teenagers, Stokes says.
“They’re all saying: ‘Well, this might just be the catalyst for us to move,’” he adds.
Directly across the road, six homes amalgamated and sold together several months ago. Developer Metis Group wants to transform the 1962-square-metre mega-site into a six-storey apartment complex – with 29 units and 58 parking spaces – fronting Cowles Road and Awaba Street.
It follows a period of change for the suburb’s well-heeled locals who enjoy glistening waters and harbourside living close to Balmoral Beach, Taronga Zoo and fancy schools, just eight kilometres from the CBD.
Another Mosman deal reportedly worth around $70 million was recently struck in which homes across 12 titles were combined to create a 4129-square-metre landholding on Countess and Rosebery streets, which could house an eight-level complex with 150 apartments.
Stokes says a deal on the Altura package is still a few weeks away, despite the expressions of interest campaign having closed last week.
“It’s probably one of the best small sites in Mosman available,” Stokes says.
“It’s quite special. It’s got lovely views. It’s relatively easy to develop because it’s small and boutique, and that’s probably why it got more interest than these bigger developments.”
Altura’s architectural plans – created following an indicative design study of the site – maximise the property’s views, northern aspect and its three street frontages, including a rear laneway and quiet cul-de-sac, which makes future construction logistics easier.
The street’s natural slope lends itself to two levels of underground parking, and remains subject to council approval.
“Defined by its name, Altura sets a new elevation in luxury residential living, combining panoramic views, prestige and proximity to Mosman Village in one rare offering,” says the Stanton Hillier Parker listing.
