Prosker Property Files Next Mosman Midrise Move

Prosker Property has revealed its next project for a blue-ribbon enclave on Sydney’s Lower North Shore as a group of residents join forces to sell their adjoining properties.

The Sydney-based developer wants to build an eight-storey residential building on the Balmoral Slopes, according to plans filed with the Mosman Council. 

The new plans have been filed in the wake of the developer’s $125-million project at Redan Lane selling out, which included two of its seven apartments selling for more than $19 million in 2024. 

The latest scheme, designed by Studio Johnston for a site 400m from the Redan Lane project, comprises 14 apartments, all of three bedrooms. The two penthouse apartments would also include wellness and media rooms. 

Thirty-one parking spaces are planned for the scheme on the 1065sq m site at 48-50 Almora Street, Mosman, which also has frontage on Redan Lane.

Meanwhile, about a kilometre away, four Mosman residents have listed their adjoining five-bedroom homes at 76-82 Awaba Street as a single consolidated site.

▲ Prosker Property plans for the 1065sq m site at 48-50 Almora Street, Mosman.

Industry sources expect the 992sq m site to fetch in the early-to-mid $20-million range with the NSW Government’s Low Mid and Rise Housing Policy adding to the appeal of the site.

Cushman & Wakefield co-head of investment sales Matt Pontey said the property would be sold through an expressions-of-interest campaign closing November 6. 

“We’re expecting strong interest from boutique developers and prestige builders who understand Mosman’s demographic,” Pontey said.

“This isn’t about mass housing, it’s about thoughtfully designed residences in a location that commands premium prices.”

▲ An aerial image of Mosman looking towards Balmoral beach.

One of the vendors, who chose not to be named, said they had lived on the street for many years and were moving as market conditions aligned with policy reform. 

“We’ve all been here a long time and we love Mosman,” they said.

“But we could see the demand building and with the new housing code creating so much potential, it just felt like the right moment to act. 

“As neighbours and friends, we wanted to maximise that opportunity collectively rather than individually.”

Mosman has become ground zero for opposition to the state’s Low Mid and Rise Housing Policy.

As The Urban Developer reported last week, resident Judith Pearson is suing the state in the Land and Environment Court, arguing the Government exceeded its powers and failed to consult before imposing the policy.

The Mosman Council debated joining the case but instead voted to act as a “friend of the court”—from the Latin term amicus curiae, meaning an impartial adviser to a court in a case.

The case remains before the court and no findings have been made.