By ANNA USHER

Three Mosman home owners are celebrating a huge pay day after the $35 million sale of their properties on Bond St.

Selling agent Colliers confirmed the mega-lot deal with Mosman Collective, calling it a “significant milestone” for the suburb under the state’s new Low and Mid-Rise Housing Policy.

Plans submitted to Council show the 1,724sqm site is proposed to be developed into 27 residential apartments over six storeys, with an additional two levels of basement parking.

If approved, the luxury residences at 5-9 Bond St will comprise 1 x one bedroom, 8 x two bedroom, 16 x three bedroom and 2 x four bedroom apartments, offering 3,792sqm of gross floor area (GFA).

“The property was acquired by Star Capital following a highly competitive campaign that attracted strong interest from major residential developers, institutional groups and high-quality builder-developers seeking to enter the Mosman market,” a Colliers spokesperson said.

“The depth of competition and subsequent settlement underscores growing market confidence in the Low and Mid-Rise Housing Policy and its role in unlocking well-located housing opportunities in established suburbs.”

Originally marketed as a much larger site in September 2024, the Bond St parcel is close to Bridgepoint and set back from busy Military Rd. None of the existing properties are heritage listed. Information obtained by Mosman Collective reveals:

• 5 Bond St: Sold for $5.7m in October 2023 and has since been demolished. Currently a vacant block of 727sqm.
• 7 Bond St: Last sold in February 2018 for $2.8m. Freestanding house renovated in 2021. Currently occupied home on 556sqm.
• 9 Bond St: Purchased in May 2014 for $2.1m. Freestanding house on 435sqm.

“This transaction is recognised as the first Mosman sale to settle under NSW’s new Low and Mid-Rise Housing Policy,” Colliers said.

“The property’s scale, location and policy-led uplift made it a compelling opportunity in Mosman. The sale achieved an exceptional outcome for the vendors.”

Documents submitted to Council show the proposed apartment sizes (75sqm for 1 bed, 86-103sqm for 2 bed, 122-230sqm for 3 bed, and 270sqm for 4 bed) comply with the minimum area requirement by the Apartment Design Guide.

“When completed, the proposed development will substantially enhance and enliven the amenity of the locality through provision of highest quality commercial and residential accommodation and urban and design response,” the Design Verification Statement by Architects BMHP Group says.

Many residents however, disagree, with more than 50 objections sent to Council.

“At the present, I enjoy a panoramic district view from my apartment with good light and privacy, all of which will be significantly impacted by the proposed development,” home owner Jane Diamond said.

“I understand that there is a housing crisis that needs to be addressed – however, given that the estimated development cost is $23 million, the dwellings in this development (if approved) will be sold for high prices not achievable by those currently locked out of the market.”

“The Minns government will have an answer to future generations as to why they wrecked a prime and wonderful precinct,” resident Jim Cadzow wrote.

Another resident said while she accepts the need for more housing, the proposed apartments will “obliterate views”, “reduce sunlight” and destroy native trees and wildlife.

“Our street is enriched by its tree canopy, native wildlife, character homes, the sound of children playing in the street and the village feel,” she wrote.

“We accept the need for more housing, but this development will have an irreversible impact on the nature of our street and lacks respect and consideration for neighbours, development standards and the broader community.”

In a statement to Mosman Collective, Colliers said it anticipated more mega-sites coming to market this year.

“And while buyers will remain selective, well-located sites supported by clear planning pathways are expected to attract strong competition, reinforcing the permanence of the policy and its role in addressing housing supply.”