Mosman neighbours join forces to create “mega lot” property sale set to reap $75 million.

Exclusive by ANNA USHER

A group of Mosman neighbours have joined forces to sell their homes in a “mega lot” sale that could net them $75 million.

Property owners at 5, 7, 9, 11, 13, 15, and 17 Bond St have banded together to put their houses on the market, aiming to attract a developer to the massive 2,593 sqm site.

If successful, the bold move will reap each homeowner up to three times the current market value of their properties.

New state planning laws addressing the housing crisis could allow the Bond St land parcel to be redeveloped as a mid-rise apartment block with a height limit of 22m, equivalent to six storeys.

Mosman Collective has agreed not to reveal the identities of the property owners, who were initially drawn to the idea of amalgamation at the end of 2023.

Three months ago, they appointed Colliers to manage this unique proposition, believed to be a first for the suburb.

Guillaume Volz, Colliers National Director, stated that NSW housing reforms and ongoing demand for luxury properties on the lower north shore make the Bond St offering “highly attractive” to developers.

“The housing target in Mosman has increased from 300 to 500, which will see 100 new dwellings built in the suburb annually until 2029,” Mr. Volz explained. “So, the Bond St amalgamation is a clever offering, and it comes to market after lengthy consideration by the homeowners.”

Mr. Volz noted that the Bond St neighbours had “varying levels of familiarity” with each other before uniting as one.

“This type of commitment requires a level of trust, but all owners are aligned, and they understand the financial opportunity this real estate transaction presents.”

Marketing information from Colliers reveals the proposed gross floor area (GFA) of the site is 5,705 sqm, with a proposed floor space ratio (FSR) of 2.2:1 and a height limit of 22m.

Currently, the Bond St properties have a 0.7:1 floor space ratio and an 8.5m height limit.

None of the homes are heritage-listed.

Mr. Volz added that the R3 zone changes set for later this year will facilitate more mid-rise apartments near town centres and public transport.

“Bond St is perfectly located, being close to Bridgepoint and Military Rd,” he said.

“The proposed low-to-mid-rise planning controls are proving to be very effective, as they open areas that had compliant zonings but lacked economically feasible controls in the past.

“Even ahead of the policy introduction, areas such as Mosman, Cremorne, and Neutral Bay have seen landowners recognize the opportunity to band together and offer their properties for sale to developers,” Mr. Volz remarked.

He mentioned that more than 100 developer enquiries had been received in just eight days.

“The need for change is finally being realized, and although it will increase density in areas like Mosman, that’s the future of Sydney,” Mr. Volz concluded.

“I believe 5-17 Bond St could be a record-breaking development project.”

Fast Facts

5 Bond St: Sold for $5.7m in October 2023 and since 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.

11 Bond St: Three-bedroom semi-detached cottage. Last sold in 2011 for $1.17m. Land size 209sqm.

13 Bond St: Purchased in October 2013 for $1.3m. Semi-detached renovated cottage with traditional façade. Land size 221sqm.

15 Bond St: Purchased in May 2023 for $3.11m. Four-bedroom, two bathroom, renovated semi-detached cottage on 228sqm.

17 Bond St: Last sold in March 2018 for an unknown sum. Semi-detached cottage. Land size 240sqm.