Five Rose Bay homeowners have combined their properties into a single development site expected to sell for over $40 million, with expressions of interest closing June 5.
The properties at 17, 17A, 19, 21, and 23 Carlisle Street form a 1392-square-meter site that has already attracted 150 inquiries from apartment developers, according to Colliers agent Paul Ephron.
“They might be worth $5m or $5.5m individually, but they’re likely to get $8.5m or $9m in this type of deal,” Ephron said.
The amalgamated properties include homes with varying features and histories. Property number 17A, purchased for just $190,000 in 1987, now carries a base price of $8.45 million as part of the package. Meanwhile, 19 Carlisle Street was bought for $3.4 million in 2021 and underwent a $500,000 renovation afterward.
These homeowners are capitalising on the NSW Government’s new Low and Mid-Rise Housing Policy, gazetted on February 28, which allows for six-story apartment buildings—potentially eight stories if affordable housing is included—within 400 meters of centres and transport hubs.
The site’s location makes it particularly attractive for downsizer apartments, being within walking distance of Rose Bay village. Colliers agents highlight its potential views of the harbour, Bridge, city skyline, and its level access as key selling points.
Ephron, who secured the listing about a month ago with colleagues Guillaume Volz and Marina Corvalan, noted that while there’s a “moment of frenzy” in the market, success depends on understanding each site’s specific characteristics.
The Carlisle Street location sits approximately 10 minutes from another amalgamated site on Dover Road that recently sold to apartment developer Fortis for $75 million.
Published 8-May-2025
