By ANNA USHER

Three neighbouring properties have been listed for $24 million with plans to replace them with luxury apartments.

The 1135.2-square-metre at 144, 146 and 148 Cowles Rd was was spurred by a $41.5 million mega-site sale on Awaba St earlier this year.

The two-storey residences sit on an elevated corner site, just 390 metres from Mosman village.

The development opportunity, Altura, plans a six-storey, 22-apartment complex with harbour and CBD views, with initial drawings by Corben Architects.

“They’ll probably get a premium of 50 per cent over the value of their house,” listing agent Michael Stokes of Stanton Hillier Parker said.

“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 told Commercial Real Estate the opportunity to sell collectively arose after a swathe of recent mega-site sales in Mosman.

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 properties sit on an elevated corner block with three street frontages.

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.

Across the road, on Awaba St, six homes amalgamated and sold together earlier this year. Developer Metis Group wants to transform that site into a 29-unit complex with 58 parking spaces.

Stokes said 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 told the website.

“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 take advantage of prime views, northern aspect and three street frontages, including a rear laneway and cul-de-sac, which makes future construction logistics easier.

“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,” the property Stanton listing says.