Initium Collapse Sends Mosman Development Site Back to Market

A site on Sydney’s North Shore with approval for nine luxury apartments over five storeys is being campaigned for a quick sale after the collapse of fund manager Initium. But the Mosman Masterplan endorsed by the council would allow up to nine storeys for the site at 7 Gurrigal Street. Separately, Colliers is currently campaigning another Mosman apartment block with redevelopment potential, as well as a 7015sq m triple-frontage Randwick site. The 493sq m Initium site, presently home to an apartment block, has a 2025 council approval in place for an apartment scheme with floor space ratio of 2.2:1 yielding 1212sq m of gross floor area. However, the Mosman Council endorsed a plan in August as a local alternative to the state government’s LMR planning reforms . Under the council plan, which is now being assessed by the Department of Planning, Housing and Infrastructure, the Initium site would benefit from FSR of 3.5:1 allowing GFA of 1725sq m. PropertyFox senior director Ben Evans told The Urban Developer that a recent sale of a DA-approved site on nearby Military Road provided the best price guidance, with $12,000 per square metre achieved. ▲ Approval could potentially be granted up to nine storeys, if the council's plan wins the nod from the state. “This one has the extra uplift. It’s probably the only site at Mosman that has a DA given uplift in the Mosman Masterplan, so it’s a little bit unique in that way,” Evans said. “There’s great views from level five [of the approved scheme], and then views of the harbour bridge and the opera house from level three.” Evans said that conversations were in play with neighbours for amalgamation, which could be continued separately or as part of the campaign. Initium initially purchased the site in September 2024 for $12.25 million. A campaign held in September of 2025 found a buyer, but the contract did not settle, and a second attempt early in 2026 also fell through. Initium falls mid-build at Bondi Initium operated a property fund associated with the Huang family, the Hayson family, and Bo Zhuang. Ian Hayson was the initial developer of the Harbourside at Darling Harbour and the Skygarden mall in Pitt Street, both completed in the 1980s. Mirvac is currently undertaking a $1.2-billion redevelopment of Harbourside . Receivers and managers were appointed to Initium in June and a liquidator the next month. Separately to the Mosman campaign, an Initium property at 41 Hall Street, Bondi Beach, is being sold by auction mid-build. ▲ Works have begun on the commercial development at 41 Hall Street. Construction is under way on a three-storey commercial building with 577sq m GFA on a 296sq m site, just 200m from the sands of the world famous beach. A sale was recorded for 41 Hall Street in October, 2022 for $10.375 million. A month later, a company controlled by Victor Huang purchased the property again for $23.35 million. The Urban Developer understands that the second sale was an internal transaction. In 2025, it was reported that Initium was pursuing an 1800sq m block adjoining 41 Hall Street, with figures including $68 million and $80 million floated. That amalgamated parcel included an Australia Post building and a backpacker hostel, among other buildings. ▲ Although the site has transacted for both $10 million and $23 million in recent years, no expectation has been given for the forthcoming auction. The Urban Developer understands that no sale was made on that parcel, which is still available with a price expected in the $60-million range. A number of other Initium properties have also been put under the receivership process. The auction for 41 Hall Street will be held on October 27. Colliers shows residential development sites Meanwhile, Colliers is marketing a 1478sq m site at 6 Mandolong Road, also at Mosman. Expressions of interest are open until November 10. And at Randwick, Colliers is campaigning a 7015sq m site with addresses at 278-282 Alison Road, 1-7 Glen Avenue, and 150-164 Carrington Road. That campaign, closing November 11, excludes a detached home at 276 Alison Street on the corner with Glen Avenue. The parcel is about 1km from Deicorp’s proposed $110-million, 22-storey redevelopment of the Randwick Club .

Apartments
Patrick Lau
Thu 15 Oct 26

Initium Collapse Sends Mosman Development Site Back to Market

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