An artist’s impression of the iconic harbour view from Sir Darling, a Fortis development just approved under LMR for Darling Point.
The first apartments under the state government’s Low to Medium Housing Policy are being rolled out and property developers are confident there will be plenty of buyers, despite the challenging property market.
But the slow trickle of approved apartments since the Labor government policy aiming to boost housing close to public transport and amenities was announced early last year comes amid continuing criticism from local government.
The developer frenzy to encourage homeowners to sell up in the targeted areas continues but, as a state government insider points out, it’s a slow process – from homeowners talking with neighbours, to the sale, to developers conceiving their plans and then approvals.
In Woollahra, only three projects have got the go-ahead under LMR – assessed by council and determined by the state government’s local planning panel. Waverley and Mosman both also have two each.
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Woollahra Mayor Sarah Dixson has described LMR as “a farce”. Picture: Sam Ruttyn
Mosman Mayor Anne Marie Kimber is proposing “an alternative” to LMR for her area. Photo by Renee Nowytarger.
Woollahra’s mayor, Sarah Dixson, a Liberal councillor, has labelled LMR “a farce”.
“I think the policy has had all these unintended consequences relating to making properties which used to be affordable no longer affordable,” she says.
She also describes the policy as “a gift” to property developers who have been able to target suburbs such as Rose Bay, which she says has a lack of community infrastructure, such as large supermarkets or schools, suitable for mass apartment development.
And the proposed new Woollahra train station – which Dixson estimates will need to have 30-storey apartment towers built around it to fulfil the government’s plan to house 10,000 people – is “a long way from Rose Bay”.
Mosman Council, too, is unhappy. The independent mayor, Ann Marie Kimber, is proposing an alternative, saying LMR doesn’t work for her area, with its “one-size-fits-all approach” raising “legitimate community concerns around infrastructure capacity, local character, heritage and environmental impacts”.
An artist’s impression of the 27-unit block in Heydon St, Mosman.
30 Muston St, Mosman, will offer four whole-floor apartments with harbour views.
“A lot of residents are very concerned about the negative impacts of the LMR for Mosman,” she says. “We have been working closely and collaboratively with the state government to ensure Mosman contributes to Sydney’s growth in a way that reflects local conditions.
“This has included securing agreement to prepare a long-term, community-informed Mosman Masterplan.”
Kimber says the council has been seeking community input on the masterplan principles and potential options and has received well over 2000 responses.
She says the masterplan will “deliver at least the same housing capacity as the LMR policy”, aiming to achieve about 4700 new dwellings.
But they will be built in more appropriate locations, such as along Military Rd, Spit Rd and at Spit Junction, and away from more sensitive areas like heritage conservation zones.
State Minister for Planning Paul Scully says there’s no turning back from LMR.
“The Minns Labor Government is restoring housing choice and diversity through the Low and Mid-rise housing policy,” he said in a statement.
Minister for Planning Paul Scully says there will be no exemptions to LMR. Picture: Gaye Gerard
“We are not considering exemptions to the low and mid-rise policy.”
While councils across the state can continue to produce strategic and masterplans in their communities, they must be compatible with the LMR provisions and approved by department, he says.
“To date [LMR] has attracted more than 660 development applications which have the potential to deliver about 10,000 new homes,” Scully says. “This is more homes for our young people and essential workers to stay in the communities they grew up in or care for.”
In Sydney’s east and lower north shore, though, the prices and rents will be beyond what most young people or essential workers can afford.
For Liora, at 20-30 Hamilton St, Rose Bay, for example, prices start at $6,995,000. Designed by Ess, the apartments will range in size between 166sq m and 205sq m.
Agents Rod and Loni Fox of 1st City Fox and Jacobson say they’re on to a winner.
Liora, 20-30 Hamilton St, Rose Bay, will offer 10 four-bedroom apartments and three three-bedders.
Verano, in Ian St, Rose Bay, has already generated over 600 inquiries.
“We’ve got a point of difference,” Rod Fox says. “Our project consists of 10 four-bedroom apartments and three three-bedders, so an exclusive boutique project, which is what we think the market wants.”
It’s currently being sold off the plan, so buyers in the project won’t need to face the daunting task of trying to sell their current house now, they can do it closer to when their new home is complete in two or three years’ time.
“They’ll have time to arrange their affairs,” Fox says.
Developer Fortis is also confident, having recently secured approval for its anticipated Verano building at 10 Ian St, about 350m from the harbourside beach.
“Verano Rose Bay has already generated over 600 inquiries, highlighting the strong demand for high-quality residences with views in the eastern suburbs market,” says Fortis sales manager Anabelle Nader.
“We are seeing particularly strong interest from local downsizers seeking luxury, low-maintenance living without compromising on space, outlook or location. The level of inquiry reinforces the scarcity of premium new product in Rose Bay and the continued appetite for well-designed residences.”
The 2038sqm site for Verano will offer a six-level apartment block.
The site is already a hive of activity.
The 2038sq m site will offer 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.
Then just last week, Fortis secured DA approval for its second project under LMR in the east: Sir Darling, a boutique collection of three full-floor residences at 7 Annandale St, Darling Point.
It achieved a significant uplift under the new LMR controls – including an additional storey, allowing the penthouse to expand into a two-level residence.
Designed by MHN Design Union with interiors by Phoebe Nicol, each home delivers an 18m harbour frontage, expansive glazing, and 371-462sq m of indoor/outdoor living. Premium inclusions such as La Cornue appliances and uninterrupted Sydney Harbour views position the project at the very top of the downsizer and prestige owner-occupier market.
Sir Darling, in Darling Point, gained an extra storey under LMR to create a two-storey penthouse.
Fortis is yet to reveal the price of the two-storey penthouse, which has incredible harbour panoramas. But prices in the development start at $15m for the garden residence. Construction is under way and due for completion in mid-2027.
Meanwhile, at Mosman’s first major development approved under the policy, currently simply known as Heydon St, sales agent Tim Rees of SRM Residential is optimistic the 27-unit building on a 1100sq m block will be popular when launched in spring, despite the tough market conditions.
“The position of the site will provide a unique opportunity in Mosman as it will provide north-facing apartments with water views, just footsteps from Mosman Village,” he says.
The Abadeen project is eight storeys – the largest apartment block green-lit in more than 50 years – with four units per floor priced from $1.99m for two bedrooms.
Head of development Michael Clark says construction will start next year with the project expected to be finished at the end of 2028.
He says the LMR process went “relatively smoothly”.
“We’re quite well known by Mosman Council, as we have several projects in the area,” Clark says.
“We know what they want and don’t want in terms of design and street frontage and look and feel and materiality. That played to our advantage, and this site is well located in terms of where Mosman Council wants its density. “
Abadeen has another LMR project lodged with North Sydney Council in Barry St, Neutral Bay – 20 units in a six-storey building.
“We’re working with council to get that approved over the next six months,” Clark says.
The other LMR development approved by Mosman Council is Balmoral House at 30 Muston St, by developer Contour. It will consist of four whole-floor residences.
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