The Mosman purchase of a $32M block of 12 ordinary apartments into a development of nine luxury apartments is not the first such purchase in this area. In or around 2022, a block of 24 1970s apartments on the corner of Park Avenue and Sutherland Street, Cremorne was sold as a deceased estate for $35 million. It is now being replaced by 11 luxury units. So low cost housing is being replaced by high cost housing. Makes no sense in a city that is apparently being rebuilt to accommodate more people and where low cost housing is desperately needed.