Kathryn Welling, Property journalist
First published 26 Mar 2024, 11:36am
Plenty of land but nowhere to live.
Mosman looks set to have a new residential suburb record – for an empty block of land that came to market this week asking $35m-$38m.
Number 10 Bay St
is a raw and excavated block of land of 5488 sqm with 50m of harbour waterfront. It is the suburb’s largest private landholding and destined to be the site of one of Sydney Harbour’s great new estates. At that price level it will also reset Mosman’s property record, currently sitting at $33m for a luxury five-bedroom home in Stanley Ave that traded in 2022.
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Prime position.
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The Bay St property stretches from street to water’s edge at Beauty Point and has its own sandy beach, boat house and deepwater jetty.
For many years the address was the home of retired car dealer Laurie Sutton and in 2017 it became the then highest sale in the suburb when Bryan Rose paid $22.45m for the property which consisted of a colonial-style house, floodlit tennis court and swimming pool.
The raw and excavated site.
The view.
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Bryan wanted to rebuild closer to the water and Mosman Council approved plans for a new three-storey house on the land. In readiness he demolished the older property and excavated the block.
However, his plans have clearly changed as the vacant block with DA plans are now for sale. Within the first 24 hours of the site being advertised agent Ken Jacobs, of Forbes Global Properties, fielded heaps of enquiries.
The site is set to accommodate one of Sydney’s great new waterfront estates.
The block isn’t expected to be subdivided.
Absolute waterfront.
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“I am still working my way through them, we have had enquiries from everywhere, including from expats overseas,” he said.
Ken added that although the block is big enough to subdivide there is enough demand from buyers for large estate-size blocks and he doesn’t expect the land will be carved up.
The address has had some high-profile owners. Television presenters Bob and Dolly Dyer lived there until 1977 when they sold for $376,960 to Laurie Sutton who in turn sold in 2012 for $20m to a Chinese buyer Ying Li who held onto the property but didn’t do anything with it.
For many years the address was the home of retired car dealer Laurie Sutton. Picture: Mark Bradley.
Five years later Bryan Rose, son of the late Bob Rose of the property development Rose Group, purchased the property and began his plans for a rebuild.
According to PropTrack, the median house price in Mosman is $5,312,500. That’s up 9.5 per cent over the past 12 months.
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