By ANNA USHER

Billionaire AirTrunk founder Robin Khuda is accelerating his Mosman side hustle in luxury property development, with another acquisition in the heart of the village.

Sources tell Mosman Collective the local resident paid around $20 million for 713-715 Military Rd, a tighly held corner building that has changed hands for the first time in decades.

The deal comes six months after Khuda paid around $32 million for a 1960s apartment block on Moruben Rd, bought through his development company Ondas.

The mixed-use building is home to a number of businesses including Bec+Bridge, Niche Café, Cole Hair Studio and Ogenki Japanese. It also has six car parks.

Industry sources expect the site could ultimately make way for a six-storey luxury apartment block, once existing leases expire, subject to approvals.

Colliers Sydney North National Directors Tom Appleby and Guillaume Volz, confirmed the transaction was finalised on Boxing Day, with both parties keen to complete before year end.

The 587sqm site sold on metrics Colliers said equated to about $25,000 per square metre of land and a circa 4 per cent net passing yield, reflecting “ongoing demand for village assets offering both income and long-term development potential”, Volz said.

In a notable local twist, the purchase carries personal significance for Khuda. He said Niche Café was where he held regular meetings with Blackstone executives ahead of the $24 billion sale of AirTrunk in 2024.

“That’s where the deal started,” Khuda said.

The sale comes as Mosman’s village precinct enters what Colliers described as a period of “generational transformation” following recent planning changes, with groups including Abadeen, Helm, Rebel Property Group, DARE, Central Element and LA Property cited as committing to the area.

“Assets of this calibre rarely trade – the strong result underscores the depth of demand for premium investments with future development potential on Sydney’s North Shore,” Colliers National Director Tom Appleby said.