Mosman homeowners join forces to sell 4,000sqm property “mega lot”.

By ANNA USHER

Twelve Mosman homeowners have banded together to offer a 4,129sqm land holding that could be worth up to $60 million.

Numbers 11, 13, 13a, 15, 15a, 17 and 17a Countess St and numbers 20, 22, 24, 26 and 28 Rosebery St recently inked the mega-amalgamation via Colliers International, who are running an Expressions of Interest campaign for hungry developers.

It is believed to be the largest development site offered in Mosman for 25 years.

The huge land holding – just 400m from Bridgepoint, offers dual access, expansive district vistas and Middle Harbour water views.

Zoned R3, the 12 residences comprise four free-standing homes and eight semi-detached dwellings. None are heritage-listed.

“Benefiting from the NSW Low and Mid-Rise Housing Policy, the site presents exceptional development potential of up to 9,084m² of GFA [subject to the new low-to-mid-rise housing reforms],” Colliers International said.

“This premium location offers a relaxed harbourside lifestyle, excellent transport connections, and easy access to beautiful beaches, parks, schools, Mosman Lawn Tennis Club and other amenities.

Records show the Countess St and Rosebery St homes are all owned by separate individuals.

If developed, the massive site has a potential six-storey building of up to 22 metres.

Prestige Agent and Director of Atlas Sydney East Coast, Michael Coombs, said while new housing reforms present a good opportunity for some on the lower north shore, there are downsides to “neighbourhood consolidation”.

“There is a danger that areas around town centres like Spit Junction will end up being over-developed with units,” Mr Coombs said.

“In light of the current low to mid-rise housing reforms, local vendors may find it appealing to team up and sell, but when you sign an option agreement with a developer for 12 months or more, it means your hands are tied.

“You then miss out on an entire selling window of opportunity, he said, “so there is a lot to consider.”

Another local agent, Rob Simeon, told Mosman Collective that “mega-lot talks” are happening amongst neighbours in all pockets of the lower north shore.

“The major development companies are being inundated with enquiries from local homeowners wanting to sell consolidated parcels of land,” he said.

“But if the market is flooded with new buildings, it will also hurt the sale price. It is a very delicate balancing act.”

Expressions of Interest for 11-17a Countess St and 20-28 Rosebery St, Mosman, close on Thursday, 10 April at 3 pm.