By ANNA USHER

Lower north shore apartment blocks have become the latest target for Sydney property developers looking to cash in on new housing reforms.

Leading the charge this week is 194 Spit Rd, Mosman, a 1928-character block of four flats known as “Kenya”, being offered for the first time in 32 years.

Set on 658 sqm, the complex will be auctioned next month with a price expectation around $13 million.

“These listings represent the kind of generational assets that rarely come up for sale,” Paul Grasso from Colliers said. “We’re seeing a surge in demand for boutique apartment blocks in lifestyle suburbs, driven by a lack of new supply and strong interest from downsizers and investors alike.”

The Spit Rd campaign launch follows several notable unit block transactions, including the recent sale $32 million sale of a 1960s block of flats at 17 Moruben Rd.

In another major deal, the entire block at 161 Middle Head Rd (across from The Buena) recently changed hands for north of $20 million. The art-deco walk up, comprising 10 small apartments and two retail suites, holds some local significance – with Unit 3 Nicole Kidman’s first property purchase in 1987.

In Neutral Bay, a strategic land amalgamation has resulted in a $20 million plus pay day for 16 apartment owners at 20-24 Bray St and 35 Kurraba Rd, now ear marked for 19 luxury apartments and three three-bedroom terraces, with parking for 31 vehicles.

Nearby at 1 Hayes St, a mixed-use waterfront building alongside the ferry wharf, is also on the market, attracting global interest in the mid-$20 million range.

The existing two-storey walk-up, home to nine tenants including Thelma & Louise café, has been approved for a luxury four-storey development with 774 sqm of gross floor area – including a penthouse featuring a rooftop infinity pool.

“With the sheer amount of raw Low to Mid-Rise (LMR), Transport Oriented Development (TOD) and Housing Delivery Authority (HAD) sites in the currently in the market, DA approved sites have become highly sought after, as these projects take advantage of the supply shortage,” Colliers National Director Tom Appleby told Mosman Collective.