Mosman “mega-lot” sales surge. Apartment owners unite for $30 million deal.

By ANNA USHER

A group of Mosman homeowners have joined forces to market their apartment complex to a property developer.

The residents of 17 Moruben Rd, a three-storey blonde brick building at the corner of Punch St, have agreed to sell their one and two-bedroom residences after extensive negotiations.

Mosman Collective understands that the properties are individually owned.

Occupying an 805 sqm parcel of land, the prime site has been rebranded as “Azura” and is listed for sale through Cousins & Co and commercial property group Stanton Hillier Parker.

The asking price is north of $30 million.

“Azura – Balmoral Slopes offers a prestigious development opportunity, occupies an elevated position with breathtaking panoramic views of Sydney Heads, North Harbour, and the Sydney CBD,” states the advertisement.

“Just 250m* walk from Mosman Village, this 809 sqm* corner site offers an unrivalled blend of exclusivity and convenience.”

The R3 site boasts a 2.2:1 floor space ratio and a 22m height allowance (up to six stories) under new guidelines, presenting “a unique opportunity for an iconic luxury apartment development scheme,” according to the marketing brochure.

17 Stanton Rd is among at least six “mega lots” currently on the market in Mosman.

Other listed sites include Wudgong St, Countess and Rosebery St, 138-144 Cowles Rd, and 115-119 Holt Ave.

Mosman Collective is also aware of at least three other neighbourhood groups who are in amalgamation discussions.

Recent planning changes, introduced on February 28, permit buildings of six to eight storeys within 400 meters of train stations and shopping villages, and up to three storeys between 400 and 800 meters from these locations.

Parts of Mosman, Neutral Bay, Cremorne, North Sydney, and Crows Nest are already feeling the impact of the government’s initiative to construct 377,000 new homes over the next five years.

“There’s very little we can do,” Mosman Mayor Ann Marie Kimber told ABC’s 7.30 Report this week.

She expressed concerns about an area near Balmoral Beach, between Almora St and opposite Hunter Park, which could now see redevelopment into six-storey apartment buildings.

“It’ll change the entire landscape of Mosman and of all the suburbs around Sydney,” she added.

Mayor Kimber is not against more apartments but advocates for development closer to major bus routes, as she explained to 7:30.

Mosman Collective has contacted local real estate agents Cousins & Co for comment on 17 Moruben Rd but is yet to receive a response.