By ANNA USHER

A group of Cremorne neighbours have banded together in an ambitious amalgamation deal that could be worth around $60 million.

The nine properties, at 46, 46a, 48, 50, 52, 54, 56, 58 Sutherland St and 67 Grasmere Lane – fall under new Low and Mid-Rise Housing controls (LMR), allowing owners to stitch together a 3,300 sqm “super site” close to Neutral Bay village.

Selling agents CBRE have released an Information Memorandum (IM), calling the land parcel a “truly exceptional opportunity” with potential to build two six-storey residential towers over basement parking.

The project could yield around 60 apartments with a Gross Floor Area of 7,261 sqm, subject to council approval.

With four street frontages, Sutherland St, Grasmere Lane, Ben Boyd Lane and Young Lane, the land holding provides developers scale and flexibility to build big.

“The site is improved with nine separate dwellings, which are available with vacant possession at settlement,” the IM says.

Upper level apartments would offer Middle Harbour and district views.

The land is being offered in one line via an Expressions of Interest campaign, closing Thursday 18 September 2025 at 4pm.

One prominent Developer told Mosman Collective the site could fetch between $55 and $60 million.

“It is an island site with four street frontages and favourable planning controls,” he said.

This latest “Mega Lot” adds to a growing list of high value transactions, with several home owners reportedly making triple what their houses are worth.

“Some local residents are making life-changing amounts of money, allowing them to retire comfortably,” one Mosman real estate agent said.

“I guess they are jumping on a once-in-a-lifetime opportunity.

“If you were offered three times the price of what your home was worth, it would be very hard to say no.”

The NSW planning changes – which took effect on February 28 – are part of a broader NSW government goal to build 377,000 new homes over five years to ease the state’s housing shortage and provide more affordable options for buyers.