New $40 million Mosman Mega Lot joins growing development trend on Cowles Rd.

By ANNA USHER

Another major property amalgamation – worth a staggering $40 million – has hit the local market, making it the sixth “Mega Lot” to be listed in Mosman since February.

Nine homeowners at numbers 92, 94, 96, 98, 100, 102, 104, 106 and 108 Cowles Rd have joined forces to create a 2,151 sqm site, capitalising on the new Low and Mid-Rise Housing Policy (LMR).

This move could yield a massive payday, with one property developer telling Mosman Collective the block could achieve around $43 million “on a good day”.

Selling Agents JLL have released an Information Memorandum (IM) calling 92-108 Cowles Rd an “exceptional opportunity” for a six-storey boutique development.

“The site [is] strategically positioned to leverage the recently gazetted LMR reform, which has significantly enhanced density controls,” the JLL document says.

“This reform now permits the development of a residential project offering the potential for up to 4,732 sqm (gross floor area) and a maximum height of 22 metres.

“Upon completion, the upper levels of the development have the potential to capture city skyline and harbour view corridors (STCA), further enhancing the property’s appeal and value proposition.”

This latest Expressions of Interest campaign is the fourth Cowles Rd amalgamation currently listed for sale.

Previously reported by Mosman Collective, the other sites include 65-77 Cowles Rd (1,858sqm), 74-78 Cowles Rd + 17a – 19 Wudgong St (2,355sqm) and 138-144 Cowles Rd (1,664sqm).

These multi-million-dollar deals are becoming common place on the lower north shore, with developers “swamping” prime residential sites that can now be transformed into apartment blocks.

Some are being stitched together quietly, with no “for sale” or “sold” signs ever appearing.

The planning changes – which took effect on February 28 – are part of a broader NSW government goal to build 377,000 new homes over five years to address the state’s housing shortage and create more affordable options for buyers.

Speaking recently to the ABCs 7:30 Report, Mosman Mayor Ann Marie Kimber said there is “very little” Council could do if a development complies with the new laws.

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

Records show that the nine properties on Cowles Rd range in size from 205 sqm to 491 sqm, comprising eight semi-detached dwellings and one free standing home.

One of the residences, number 102, is owned by the Anglican Church, which purchased the 251sqm property for just $134,000 in June 1986. The most recent purchase was number 92, a semi on 205sqm purchased for $2.715 million in November 2021.

“The home owners who purchased before 2010 stand to make a small fortune if the parcel sells at the top of the price range,” one local real estate agent told Mosman Collective.

Mosman “Mega Lot” Locations (Residential)

• 92-108 Cowles Rd, Mosman
• 65-77 Cowles Rd, Mosman
• 138-144 Cowles Rd, Mosman
• 17 Moruben Rd, Mosman
• 74-78 Cowles Rd + 17a-19 Wudgong St
• 11-17a Countess St and 20-28 Rosebery St