Rose Bay homeowners hoping for $40m windfall from developers

Five homeowners — some with pools and one recently renovated — are cashing in their properties hoping for a big windfall from developers.

19 Carlisle St, Rose Bay is set for the wrecking ball, despite having a pool and stylish kitchen and bathroom.

Five homeowners — some with pools and one recently renovated — are cashing in their properties hoping for a big windfall from developers.

The amalgamated site is expected to sell for well over $40m in an expressions of interest campaign that closes on June 5.

“They might be worth $5m or $5.5m individually, but they’re likely to get $8.5m or $9m in this type of deal,” says Paul Ephron of Colliers.

That’s not a bad outcome for owners of semis on blocks ranging between 273sqm and 285sqm. One is a rundown fibro semi that cost just $190k in 1987, property records show.

The owners, at 17, 17A, 19, 21 and 23 Carlisle St, Rose Bay, are looking to capitalise on the NSW Government’s new Low and Mid-Rise Housing Policy.

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The five homeowners are in Carlisle St, Rose Bay.

The expected view from the top floor of the potential apartments.

The owner of No. 19 paid $3.4m in 2021 — and did a $500k reno after that.

Ephron, alongside colleagues Guillaume Volz and Marina Corvalan, secured the listing about a month ago after explaining the potential to the homeowners around a kitchen table.

They’ve already had 150 inquiries from apartment developers interested in the amalgamated 1392sqm site for a six-storey — or even eight storey block if affordable housing is included.

The site is perfect for apartments for downsizers because it’s an easy walk to Rose Bay village.

“There’s no doubt we’re in a moment of frenzy,” said Ephron.

“But not every site will sell, and not every site can achieve what the policy permits on paper.

“The key is understanding the intrinsic characteristics of the site, and how those interact with the policy.

“That’s where Colliers excels.”

Naturally it’s not the designer kitchens or bathrooms that are going to be of interest to developers — the home that cost just $190k 38 years ago, No. 17A, is the most valuable site now, with its “base price” from Colliers of $8.45m.

17 Carlisle St, Rose Bay last traded for $2.76m in 2019.

The owners have done a lavish reno since then.

Pictures of its unrenovated interiors aren’t available since it was purchased so long ago, but it’s the largest block at 284.67sqm.

No 17 Carlisle St, a 281sqm block, renovated since its $2.76m purchase in 2019, has a base price of $8.35m today.

Meanwhile, the recently renovated four-bedroom semi with pool on a 274sqm block at 19 Carlisle St that cost $3.4m in 2021 — the $500k reno came after — has a base price of $8.1m.

And the other four-bedder with a pool, but a dated kitchen and “pink” bathroom, on a 273qm block at 23 Carlisle St also has a base of $8.1m.

The changes, which planning consultants and developers have described as a “generational shift” in Sydney’s urban planning, were gazetted on February 28.

No. 23 Carlisle St, Rose Bay, also has a pool.

At least this homeowner didn’t spend a fortune on a kitchen reno.

And there are unlikely to be tears over the loss of this bathrooom.

They allow mid-rise apartment buildings of up to six storeys within 400 metres of centres and transport hubs, with dual occupancies now permitted in areas previously limited to single dwellings.

Stephen Gouge, a director at urban planning consultancy Ethos Urban (a Colliers company), says: “Each site requires a detailed understanding of how planning metrics — like height, setbacks, overshadowing, and parking — interact to create something commercially viable and highly desirable.”

The agents say 17–23 Carlisle Street stands out as one of the most exciting opportunities in the east because of its potential views of the harbour, Bridge, city skyline and level access.

It’s just a 10-minute walk from an amalgamated site in Dover Rd, which sold for $75m to apartment developer Fortis.

Originally published as Rose Bay homeowners hoping for $40m windfall from developers