By ANNA USHER

Luxury apartment developer HELM has acquired 16 properties across two neighbouring blocks in a deal believed to be worth more than $50 million.

Managing Director Mark Monk confirmed the sale of 1 and 3 Moruben Rd with Mosman Collective, saying the company has acquired the “best development site” in the suburb.

“We are currently putting the finishing touches on a development application for an ultra-high-end luxury scheme for this very special site,” he said.

One Moruben Rd, a block of four townhouses, will be amalgamated with 3 Moruben Rd, a 1960s complex comprising 12 one- and two-bedroom apartments, to create a super site of more than 1500sqm.

In its place will be 27 residences over eight levels, with basement parking, if approved.

Mr Monk said the design consists of eight x three-bedroom apartments facing east/north, eight x three-bedroom apartments facing east/south, plus three x three-bedroom residences oriented to the north, south and west, along with two x two-bedroom apartments.

“The majority of apartments will enjoy panoramic views of the harbour, Manly, North Head, Balmoral and Georges Heights, with upper levels also capturing the city skyline, Opera House and Harbour Bridge,” he said.

“With three street frontages and a location less than 150 metres level walk to Mosman Village, this site is uniquely positioned to provide both convenience and lifestyle.”

To learn more about the Moruben Rd acquisition, Mosman Collective asked the following questions, with Mr Monk’s answers below.

Why has HELM purchased these properties?

From the outset, our approach has been to focus on locations where new housing can be delivered without undermining the character of Mosman.

We have deliberately ruled out conservation areas, as well as streets such as Muston Street, Redan St and Redan Lane, where we felt additional density would have too great an impact.

Instead, we identified the western side of Moruben Road as a suitable location because it is close to shops, services, and public transport, and already contains many apartment buildings.

In this context, replacing unit blocks that are already close to five storeys (when pitched roofs are included) with new buildings just 1 – 3 storeys higher allows us to contribute to housing supply without eroding the village character.

Similarly, areas to the north and west of our project, as well as properties between Cowles Road and Prince St and Military Road and Ourimbah Road, are close to services, meaning they can comfortably absorb additional housing without altering Mosman’s distinctive character.

In fact, had rezoning been limited to just these two precincts, Mosman would exceed its 2024 State Government housing target of 500 new homes over five years. In our view, it was unnecessary to extend the rezoning to other, more sensitive areas of Mosman.

One of the key reasons we were drawn to this site is that 3 Moruben Road already had approval to replace the existing units with premium apartments. It meant that redevelopment was inevitable, and importantly, our development application would not result in the loss of any affordable housing in Mosman.

What do you think of the new Low to Mid Rise (LMR) housing reforms?

Essentially the LMR regulations have rezoned R3 land within 800m of Mosman Village, to permit apartment buildings, in what is known in the industry as a ‘blanket’ rezoning. While I agree we need to provide more housing options on the lower north shore, I am not in favour of blanket rezonings, as they fail to take into consideration the local character of a particular area.

I don’t believe many of the areas that have been rezoned should have been. Development should not occur in the streets on Balmoral slopes that are currently low-density housing, as well as heritage conservation zones that are integral to Mosman’s identity. Development of 6 – 8 storey buildings in these locations is inappropriate and will detrimentally affect the local character.

Will the project provide an affordable housing component?

A defining feature of our project is the inclusion of dedicated key worker accommodation. We have allocated 1 x one-bedroom, 4 x two-bedroom and 1 x three-bedroom apartment specifically for key workers (nurses, teachers, police, paramedics and firefighters) whose contribution to our community is invaluable.

Our company holds a fundamental belief that we must provide housing for the people who support our communities.

We have designed the building with input from experts in managing Key Worker Accommodation, who have emphasised the importance of keeping ongoing costs to a minimum. To achieve this, we have designed a separate building within the overall structure, featuring a separate entrance lobby off Clifford St, a lift that extends over four levels, and a single-level carpark.

What does “Affordable Housing” mean in a suburb like Mosman?

In our project, six apartments will be dedicated to key worker housing. The Regulations require that these homes must be rented to eligible tenants for at least 15 years at a significant discount to the average market rent in Mosman for the apartment type. The average rent is calculated by the State Government utilising rental bond data. To qualify, tenants must meet income thresholds, ensuring the apartments go to those who genuinely need them.

An experienced commercial housing provider will manage the properties, but day-to-day leasing will operate much like any other rental apartment. Owners will still select tenants based on references and rental history, meaning the process is familiar, transparent, and ensures stable, well-managed tenancies.

Eight storeys seems very tall for Mosman.

We understand that eight storeys may feel like a significant change for Mosman. However, this height is now permitted by the new regulations, and we believe the area west of Moruben Road is well-positioned to accommodate this scale of development.

This site is ideally located near Bridgepoint Shopping Centre, public transport, cafes, and local shops, making it a logical and responsible choice for increased housing density. More importantly, we see this as an opportunity to work collaboratively with Mosman Council to enhance the public domain surrounding these new developments.

Who will be the likely purchasers of these apartments?

For over 15 years, we have developed and constructed apartments specifically for empty nesters and downsizers.
The reality is that most people do not want to move into a retirement village, and they won’t leave their family home in Mosman if they can’t buy exactly what they want.

This new project is undoubtedly for these people.

Will this project attempt to bypass Mosman Council?

No. We will be lodging a DA, as we feel it’s essential that Council is involved in the assessment process, and there are compelling reasons for Council to recommend the approval of this DA. HELM has no intention of lodging a State Significant Development (SSD) proposal.

Can residents contact HELM directly to learn more?

We pride ourselves on transparency and welcome the opportunity to meet with anyone who wants to know more about this project.

Our Associate Director – Development, Matt Campbell, is managing the Moruben Rd project, and he can be reached on 0419 976 640.