By ANNA USHER

A developer backed by Billionaire tycoon James Packer plans to bulldoze a group of stately homes to make way for 60 luxury apartments, in a bold project revealed today for the first time by Mosman Collective.

Prominent Australian developer Time & Place has confirmed it is finalising the acquisition of 40, 42, 44, 46 and 48 Redan St for an undisclosed sum rumoured to be more than $100 million.

The 3,233sqm site, with sweeping views over Balmoral, has been declared a State Significant Development (SSD), categorised through the Infill Affordable Housing pathway.

This means Mosman Council could be bypassed during the fast-tracked assessment process.

A pre-development application lodged on the NSW Planning Portal shows 16 of the 60 luxury residences will provide “affordable housing” for a minimum of 15 years.

“The proposal seeks to demolish all buildings on site and construct a residential flat building with basement car parking,” it says.

A scoping report attached to the project also states that the developer intends to utilise height and floor space “incentives” – given to projects that allocate housing to lower income earners.

But the plan has sparked criticism from neighbours, who have spoken on the condition of anonymity to call the Redan St sell-off a “disaster” for Mosman.

“How on earth does a developer promise ‘affordable’ housing on the Balmoral Slopes,” one asked.

“This must be the first time in Mosman’s history that Redan St has been termed ‘affordable’ – what a joke.”

Another resident, who lives close by, told Mosman Collective she was “sick to the stomach” upon hearing the news.

“It’s appalling to think that people in our community, some of whom I know, are selling their beautiful Federation mansions for obscene amounts of money,” she said.

“And they do this in the full knowledge that their homes will be torn down for apartments.

“I am sick to my stomach. Mosman is being destroyed right before our eyes.”

The Redan St amalgamation boasts a frontage of 89.6m, with rear lane access. It is a short walk to both Mosman village and the beach.

A spokesperson for Time & Place confirmed with Mosman Collective the project is in a portfolio of developments by NPACT, the property investment and development firm founded and led by Todd Nisbet, and backed by James Packer.

“The acquisition will pave the way for the signature residential development that we are known for, in a breathtaking location with views to Balmoral Beach, access to Mosman village local amenities, built form design excellence and a variation of residential sizes to meet the existing and future demand for residents of Mosman,” the spokesperson said in a statement.

The spokesperson said Time & Place was a supporter of the State Government’s planning policy when it came to “densification” of designated suburban areas.

“We are sensitive to the need to bring projects forward that complement and improve the neighbourhood.

“The development team is working through the initial design response for the site and as such the proposed development details and specifics are not available.”

ABOUT THE REDAN ST HOMES

40 Redan St, Mosman (879sqm). Purchased 2022
42 Redan St, Mosman (556sqm). No sales history
44 Redan St, Mosman (885sqm). Purchased 2011
46 Redan St, Mosman (445sqm). Purchased 2017
48 Redan St, Mosman (468sqm). Purchased 1983.