Kirsten Craze
Updated 30 Apr 2026, 2:18pm
First published 30 Apr 2026, 2:14pm
The first local projects approved under new low to medium residential zoning policy are hitting the proverbial production line, after more than a year of headlines and heated debate.
Dozens of amalgamated “mega blocks” have come to market since the NSW government’s LMR reform started in early 2025, with some sites merging as many as 12 individual homes.
The first two green-lit developments to go ahead in the east, however, were originally home to just two houses each.
Developer Fortis has secured approval for its anticipated Verano building at 10 Ian St, approximately 350m from the harbourside beach.
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Artist’s impressions of Ian St, Rose Bay. NSW Real Estate.
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The 2038sq m site will deliver a six-level apartment block designed by MHNDU with 21 two- and three-bedroom homes, as well as a full-floor penthouse.
Unit prices at Verano will begin at $4.5m for two bedrooms and $6.5m for three with the four-bedroom penthouse yet to be priced. Verano will include 40 secure basement car spaces, an outdoor dining area and a bocce court.
“Rose Bay is a neighbourhood we know well and care about deeply,” said Ed Eve, general manager for NSW development at Fortis, the developer behind Atlas on Spencer St and The Benson on Newcastle St.
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Harbour views.
“Throughout the approval process we worked closely with Woollahra Council and MHNDU to minimise solar and view impacts on our closest neighbours while maintaining a classic building form with spectacular layouts.”
Sales will launch next month, with completion expected by mid-2028.
The Ian St approval follows the first approved LMR site within Woollahra Council at 28-30 Hamilton St, Rose Bay. Developed by MD Living and designed by Ess, Liora will house 12 residences, including 10 four-bed and two three-bed apartments ranging from 166sq m to 205sq m.
Rod and Loni Fox of 1st City Fox and Jacobson have driven the project, from brokering the sale of the original homes to marketing the 2400sq m development.
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Hamilton St, Rose Bay. NSW Real Estate.
“It’s going to be stunning,” Mr Fox said.
“It’ll suit downsizers who want a nice apartment near the village but don’t want to sacrifice on size.”
Sales for Liora will launch later in the year, with prices starting from $6.995m.
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