Mosman’s “Mega Lot” Wave Continues: Apartment block amalgamation on the market.

By ANNA USHER

An entire block of 1960s units with views to Balmoral is the latest “mega lot” to hit the market, sparking concerns that Mosman is about to be “punished” by new low-to-mid-rise housing reforms.

Twelve one-and two-bedroom apartments at 3 Moruben Rd are being offered in one line, providing “significant development upside” for a buyer, according to marketing material sent to Mosman Collective.

The 1960s complex on 650sqm is the second apartment block currently listed for sale on the popular street.

The price guide is believed to be around $21 million.

“The property is located on the sought-after Balmoral slopes, occupying an elevated corner position with panoramic water views to Sydney Heads,” an Information Memorandum reads.

“It is within easy walking distance of the Mosman retail village and Spit Junction, while Balmoral Beach itself is a short walk away. The public bus interchange is located at the top of Clifford Street.”

The three-storey block comprises 6 x two-bedroom units and 6 x one-bedroom units, with parking for 8 cars.

Each of the apartments is currently tenanted for between $580 and $900 a week, with the gross weekly income $8,155 ($424,060 per annum).

One long time Moruben Rd resident, who has lived in a neighbouring apartment block since the 1980s and does not wish to be named, told Mosman Collective the suburb is being “punished” by new housing reforms introduced in February.

“The lower north shore is changing right before our eyes,” she said, “where is the infrastructure to support all this new development?”

“I’m not against progress, but I am very worried about what the future looks like. I thought the new laws were to create more housing for people who need it, not multi-million dollar luxury developments that only the rich can afford.”

The NSW Government has committed to building 377,000 new homes across the state in the next 5 years, with Mosman required to deliver 500 completed residences by 2029. In North Sydney, the number is 5,900 and in Willoughby 3,400.

3 Moruben Rd joins a growing list of “Mega Lot” sites currently listed for sale in the LGA, with at least six others in the final planning stages, Mosman Collective believes.

Local “Mega Lot” Locations (Residential)

• 92-108 Cowles Rd, Mosman – STORY HERE
• 65-77 Cowles Rd, Mosman – STORY HERE
• 138-144 Cowles Rd, Mosman – STORY HERE
• 17 Moruben Rd, Mosman – STORY HERE
• 74-78 Cowles Rd + 17a-19 Wudgong St – STORY HERE
• 11-17a Countess St and 20-28 Rosebery St – STORY HERE
• 118, 120, 122 and 124 Benelong Rd – STORY HERE