By ANNA USHER

Thirteen home owners have banded together to create another lower north shore “super site”, with plans now underway for a $77 million State Significant Development in Neutral Bay.

Documents lodged with NSW Planning this week show the proposed demolition of a 12-unit block and neighbouring house at 3-5 Yeo Street, which overlooks historic Forsyth Park and offers sweeping views of the CBD and Sydney Harbour.

Developer First Quadrant Properties is already marketing the project online, describing it as “this incredible Harbour View residence project, perfectly aligned against a reserve frontage.”

Future residents will enjoy “leafy (never to be built out), Sydney City and Harbour views,” the company’s website states – a direct reference to Forsyth Park Reserve, whose public greenery forms the building’s northern boundary.

First Quadrant intends to build 28 luxury apartments, including seven affordable dwellings, on the 1,434 sqm site, unlocking a dramatic height increase from the current 8.5 metre zoning limit to a maximum of 28.6 metres.

“The proposed development represents a significant contribution to the supply of infill affordable housing and residential apartment development options in the LGA,” a scoping report uploaded to the NSW Major Projects portal states.

“The proposal is a positive housing and social outcome for the community as it allows older people to age in place.”

New apartments will be a mix of one, two and three-bedroom residences, with three levels of basement parking and 68 parking spaces. Construction is due to commence in 2027, with completion in 2029.

Records show the 12 units at 3 Yeo Street are all individually owned, with the most recent sales recorded in 2023.

No. 5 Yeo Street, known as “Highmoor”, is believed to be one of the original estates on the street and has been described as a “remarkable Arts and Crafts Federation” home.

It last sold in 2017 for $3.725 million.

The scoping report suggests that leaving the site as is would result in a lack of residential and affordable diversity in Neutral Bay.

“It [the development] will also significantly enhance the design quality, landscape and character of the local area, whilst also contributing to improved sustainability and climate change outcomes.”

Existing vegetation, including several trees at Forsyth Park, will need to be “appropriately considered” as part of the ongoing design development, the report says.

“The subject site shares a boundary with Forsyth Park and will need to demonstrate an appropriate relationship is achieved. The site is not identified as likely to contain endangered or threatened species or communities.”

EchoRealty NSW will manage the affordable housing component – to be located on the lower levels of the building – for “a period of not less than 15 years”.

“EchoRealty supports the proposed location of the Affordable Housing apartments within the building and the overall mix of unit types, noting that these elements are well-suited to meet the needs of the intended affordable housing tenant groups,” the company said.

An Environmental Impact Study is now being prepared for the State Government.

Mosman Collective has reached out to First Quadrant Properties for comment.