High-rise ... and lows

All a matter of height restrictions as Hedges Ave developments meet with contrasting fortunes

THERE’S a game of “high fives” going on in Millionaires’ Row and already there’s been one loser.

A couple of the rather wellheeled residents of Mermaid Beach’s Hedges Ave have unveiled plans to build luxury boutique apartment projects on the beachfront.

At the southern end of Hedges, developer John Potter has been aspiring to erect a building with four single-floor apartments.

At the northern end of the street, cotton farmer Alan Frost wants to bowl over an abode known to locals as The Bunker House to make way for a building with three apartments.

Both the Frost and Potter buildings would be four levels – or that’s the theory.

In fact, it’s emerged that under planning rules, they’d be five because in both cases the basements protrude a metre or more above the ground and therefore are regarded as levels, or floors.

That doesn’t matter so much at the Frost site because it’s in an area where a total height of 15 metres is allowed.

Back at the Potter site, the allowable limit is 13.5m but John’s been aiming for more than 14m.

His plans, submitted midyear, received a frosty reception from city council planners, not just for the mooted height but also because they saw the building as “dominant, austere and bulky”.

John had hoped to have had construction of apartments that would have cost around $7.5 million each under way by February.

Now the long-time property player, apparently unwilling to get into a protracted planning battle, has put his “high fives” hand in his pocket and is selling his site.

Meanwhile, Alan’s going through his planning journey – one he went through back in 2015 when he was given the green light for a three-level building.

He now wants to add another level, not by including an extra apartment but by creating a two-level penthouse.

That move apparently, even with part of the basement sitting above ground level, would not take the building above the area’s 15m height limit.

Alan bought the beachfront site, occupied by a three-level house inspired by the design work of Harry Seidler and Frank Lloyd-Wright, for $2.92 million in 2000.

Seven years later he paid $8.7 million for an adjoining home, selling it for $4 million seven years later.

Three years ago he took his chequebook south along Hedges and paid $6.6 million for the home of developer Mark Howard.

It’s not known whether he’ll sell his Hedges Ave apartments, if the project gets the go-ahead, or perhaps sell two and retain the penthouse.

Meanwhile, the two that make up the Potter are being sold.

The pair cost John $7.75 million and he’s put them on the market at $4.975 million for the southern one and $4.75 million for the neighbouring one.

JOHN (POTTER) HAD HOPED TO HAVE HAD CONSTRUCTION OF APARTMENTS ... UNDER WAY BY FEBRUARY

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