Cremorne land amalgamation targets $40 million and paves way for potential high-rise.

By ANNA USHER

Five Cremorne property owners have teamed up in a major amalgamation deal that could pave the way for a nine-storey apartment building.

The combined 2,082sqm landholding, which spans 118, 120, 122 and 124 Benelong Rd, along with 72 Gerard St, is set to reap at least $40 million, thanks to its three street frontages and convenient walking distance to Cremorne Town Centre.

“This exceptional offering features a rare, single-owner landholding situated in one of Sydney’s most desirable and prestigious lower north shore suburbs,” marketing material provided by agent Savills says.

“This strategically located opportunity is zoned appropriately under the Low and Mid-Rise State Environment Planning Policy, providing development potential for 5,955sq m^ of Gross Floor Area (STCA).”

Zoned R4 High Density, the site has a northerly aspect and will unlock panoramic views over Northbridge and Middle Harbour, as well as “seamless access” to the CBD. It is within 400 metres of Cremorne Town Centre, which permits a building height of 22 metres (six storeys) and a Floor Space Ratio (FSR) of 2.2:1.

However, under new in-fill affordable housing reforms, developers can benefit from a 30% increase in height and floor space ratio, potentially allowing a building height of 28.6 metres.

Records show the five properties involved in the amalgamation are all individually owned.

• 118 Benelong Rd (418sqm), purchased in 1992, $350,000.
• 120 Benelong Rd (372sqm), a four-bedroom Federation home purchased in 2010 for $1.8 million.
• 122 Benelong Rd (360sqm), also has four bedrooms and sold in 2013 for $600,000.
• 124 Benelong Rd (372sqm), changed hands in 2021 for $2.6 million.
• 72 Gerard St (552sqm), the largest land holding, was purchased in 2017 for an unknown sum.