By ANNA USHER

A “shovel-ready” site in the heart of Mosman has reappeared on the market, two years after a $15 million capital raise to purchase four shop fronts.

The premium development site at 686-692 Military Rd – approved for six luxury apartments and ground floor retail – is for sale via Expressions of Interest, closing on March 26.

The price guide is around $14 million.

“The development offers exclusivity, luxury and individuality, with all apartments having a separate layout and size,” an Information Memorandum from JLL and PropertyFox reads.

“With an average internal floorspace of 155 sqm* for each apartment and double balconies throughout, the building is
luxury in its truest form.”

Records show the property is owned by Initium Capital, a leading Sydney-based fund manager specialising in commercial real estate, property development and private lending.

Sitting on 488.5 sqm, any future redevelopment will require the retention of the existing building facades, in line with council direction.

Approved plans by Koichi Takada Architects show a five-storey residential and retail project with six three-bedroom apartments, two basement levels, and a ground-floor shop.

Historical research indicates the Federation buildings were constructed in the early 1900s.

Between c.1905 and 1915, the Sands Directory records a series of retail premises within the Military Rd site, including a plumber, carrier, dressmaker, bootmaker, hairdresser and tobacconist.

The 1926 Mosman Valuation records list nos. 686-690 and 692-694 as two separate premises. Nos. 686-690 are listed as ‘shop and residence’ and nos. 692-694 as ‘shop and residence and garage’ under the ownership of Mrs Martha F Clark and Mrs EC Chaplin, respectively.

The Sands Directory, however, lists multiple occupants across the addresses, including John Horsnell, bootmaker (Nos. 686-688), Miss L Boultwood, dressmaker (No. 690), and a showroom managed by ‘Mellophone Co.’ (No. 692).

Horsnell’s bootmakers continued for decades – operating into the 1980s – with ownership of Nos. 686-690 later passing from Mrs Clark to John and Frederick Horsnell.

The two properties continued to change ownership and occupation throughout the second half of the 20th century.