Midrise Slated for Repossessed Adgemis House at Rose Bay

A request for SEARs proposing a 70-apartment State Significant Development has been lodged for a site including the repossessed Rose Bay home of failed pub baron Jon Adgemis and his mother.

With an estimated development cost of $86.9 million, the proposal would be eligible for the SSD pathway. The eight-storey building proposed would include 17 affordable units suitable for key workers, comprising 15 per cent of the project’s floor space. 

Developer Alex Sicari of Mathieson Property is leading the project, with architectural design from MHNDU, construction by Ultra Building Co and financial backing from Zagga.

The proposed development falls in the Low and Mid Rise zoning within 400m of the Rose Bay town centre, which allows buildings of six storeys or 22m in height, as well as floor space ratio of 2.2:1. The site would be permitted a maximum gross floor area of 6831sq m under local zoning.

However, the request for SEARs calls for an eight-storey building with FSR of 2.86:1, and GFA of 8880sq m. As noted by the request, those specifications are the maximum permitted with the inclusion of infill affordable housing bonus provisions under the housing SEPP.

Since the February launch of the LMR zoning changes, a number of projects have been progressed at Rose Bay, including the 49-apartment, $86.6-million Fortis play at 23-31 Dover Road, and HSN Property Group's 54-home, $95.7-million project at 2-16 Spencer Street. Both were exhibited in November and also designed by MHNDU.

▲ Rose Bay has been attractive for LMR developers but the council is not supportive.

The Woollahra council has opposed the zoning reforms and residents are often in opposition to LMR projects.

However, the Land and Environment Court has proven it can be more amenable—in December it approved the $250-million Orosi Development project at 439–441 Old South Head Road, 443–445 Old South Head Road, 1 The Avenue and 3–5 The Avenue.

The former Adgemis property at 2A Conway Avenue is joined by houses at 2-6 Conway Avenue, 15-15A Fernleigh Avenue, and 38-40 Carlisle Street under the proposal.

None of the buildings on the site are subject to heritage controls but the project would be designed with respect to the nearby Fernleigh Castle, a heritage-listed Victorian mansion built in 1892. That property features sandstone walls, turrets and castellated walls, and wrought iron balconies.

The Adgemis property was seized by La Trobe Financial in July, with Adgemis owing more than $1.8 billion to creditors, and marketed by Laing and Simmons Rose Bay. A number of the Adgemis pub properties were also sold in receivership in 2025.