A remarkable collaboration between nine Cremorne homeowners has created what could become one of the area’s most significant residential development opportunities, with the combined site potentially worth up to $60 million.
The homeowners along Sutherland Street and Grasmere Lane have decided to sell their properties together, creating a substantial 3,300 square metre development site that takes advantage of new planning regulations introduced earlier this year.
The properties involved are located at 46, 46a, 48, 50, 52, 54, 56, 58 Sutherland Street and 67 Grasmere Lane. Together, they form what real estate professionals are calling a “super site” that benefits from having frontages to four different streets: Sutherland Street, Grasmere Lane, Ben Boyd Lane and Young Lane.
Photo Credit: Pello
This unique positioning has caught the attention of developers, particularly because the site now falls under the NSW Government’s new Low and Mid-Rise Housing (LMR) controls that came into effect on 28 February this year. These planning changes are designed to encourage higher-density housing development in suitable locations.
Commercial real estate firm CBRE has been appointed to manage the sale through an expressions of interest campaign, which will close on 18 September at 4pm. Their marketing materials describe the opportunity as having the potential for two six-storey residential towers built over basement parking.
Photo Credit: Belle Property – Neutral Bay
The proposed development could accommodate approximately 60 apartments across a gross floor area of 7,261 square metres, though any final plans would need council approval. Upper-level apartments would likely capture views across Middle Harbour and the surrounding district.
Photo Credit: Mosman First National
Currently, the site contains nine separate homes, all of which would be available with vacant possession at settlement, giving developers a clear canvas to work with.
Photo Credit: McGrath Estate Agents
One developer, speaking anonymously, suggested the site could attract offers in the $55-60 million range, citing the advantageous planning controls and the rare opportunity to secure such a large, well-positioned development site with multiple street frontages.
Photo Credit: realestate.com.au
The sale represents a significant windfall for the participating homeowners, with industry observers noting that some residents in similar amalgamation deals have received substantially more than their properties’ individual market values.
A local real estate agent commented on the broader trend of property amalgamations, noting that homeowners involved in such deals often receive life-changing sums that can fund comfortable retirements. The agent suggested that when offered significantly more than a property’s standalone value, few owners would decline the opportunity.
This Cremorne amalgamation is part of a growing pattern across Sydney’s lower north shore, where the new planning rules have created opportunities for larger-scale residential developments in established suburbs.
The NSW planning changes are central to the state government’s ambitious target of delivering 377,000 new homes over five years, aimed at addressing Sydney’s housing shortage and improving affordability for buyers.
The Cremorne site’s proximity to Neutral Bay village adds to its appeal, offering future residents easy access to shopping, dining and transport connections whilst maintaining the leafy suburban character that makes the area attractive to families and professionals alike.
Published 21-August-2025
