Development Frenzy: Third Cowles Rd “mega lot” in Mosman could reap $37 million.

Exclusive by ANNA USHER

Mosman has fast emerged as a key development hot spot, with a new group of home owners joining forces to market seven properties in one line.

Numbers 65, 67, 69, 71, 73, 75 and 77 Cowles Rd are being offered as a 1,858sqm “mega lot”, through an expressions of interest campaign by Knight Frank.

Located within 400m of Bridgepoint, the properties are poised for transformation into a six-storey apartment complex, boasting a gross floor area of 4,087sqm (STCA), enabled by recent NSW Housing Policy reforms.

The site marks the third land amalgamation on Cowles Rd to hit the market since February.

“As housing prices soar, a greater amount of luxury apartment developments have begun to capitalise on the Mosman demand,” a Knight Frank Information Memorandum states.

“There are a growing number of down-sizers/right-sizers who love the idea of a ‘low-maintenance’ lifestyle in Mosman without moving out of the neighbourhood.

“This demographic is aggressive, territorial and in-love with their location, proving to be strong residential purchasers on all new apartment constructions in Mosman and surrounds.”

65-77 Cowles Rd is being sold with the promise of its elevated position unlocking iconic harbour views – and dual street frontage to maximise “development efficiencies” in the heart of Mosman.

“With a median house price over $4,500,000 (2024), downsizers see increased equity as the opportunity to relocate into convenient luxury apartments, whilst growth projections show the 1,800 new residents arriving between 2025 and 2040 being priced into new apartment supply as their foothold to set up residence in the sought after postal code,” the Knight Frank memorandum says.

This latest “land bank” one of several currently on the local market and the third on Cowles Rd. Also being offered is 138, 140, 142, and 144 Cowles Rd (1,664sqm), and 74, 74a, 76, and 78 Cowles Rd, which form part of a 2,355sqm lot.

One prominent local property developer, who does not wish to be identified, told Mosman Collective he believes 65-77 Cowles Rd is worth between $35 million – $37 million.

“Mosman is seeing an unprecedented surge of people offering amalgamated land parcels to multiply the value of their properties,” he said, “The new legislative changes have prompted major activity in the corridor between Mosman and Neutral Bay.”