By ANNA USHER

Another group of Mosman homeowners has banded together in a lucrative amalgamation deal that could be worth more than $20 million.

Three cottages, located at 1, 3, and 5 Bray Street, are being marketed as a boutique development site under the new housing reforms.

Planning controls introduced by the NSW State Government in February mean the 1,040sqm site could be transformed into a four-storey apartment block comprising 12 luxury units.

“This small-scale offering, comprising three Torrens title homes, provides an exceptional opportunity for boutique developers to create a residential community,” an advertisement published by Ray White Commercial says.

With street frontages on Bray Street, Congewoi Road, and Congewoi Lane, the amalgamated block offers optimal accessibility, with the potential for sweeping views of Middle Harbour.

The land holding joins at least a dozen others in Mosman, owned by residents hoping to take advantage of the NSW Government’s new low to mid-rise housing reforms.

In recent weeks, “Mega Lot” property deals, like the staggering $60 million Rangers Ave sale, have sparked a flurry of “over the fence” conversations between neighbours, one local agent told Mosman Collective.

“The look and feel of the lower north shore is changing right before our eyes,” he said, “there’s currently a lot of local homeowners doing the numbers and weighing up if the time is right to cash in,” he said.

“Property developers are letterboxing streets between Mosman and North Sydney, and they’re looking for large, amalgamated blocks.

“There are deals to be done – at the right price.”

With its R3 Medium Density zoning, 1-5 Bray St allows for a maximum height of 17.5 metres and a Gross Floor Area of 1,560sqm, subject to council approval.

Records show 1 Bray St sits on 289 sqm and was purchased for $2.305 million in 2018.

3 Bray St (also 289 sqm) was purchased for $1.803 million in 2015.

The largest of the group, a federation cottage at 5 Bray Street (462 sqm), sold in 2019 for $2.475 million.

The property is offered for sale via Expressions of Interest, closing at 5:00 pm on Wednesday, 16th July, unless sold prior.