Neutral Bay is one of the priciest suburbs in the Lower North Shore.

But there's long been a gap in the market for brand new downsizer stock. A number of local developers however have sought to plug that gap over the last 12 months, with the likes of WINIM, Abadeen, and Podia seeking to create apartments that will suit those checking out of their grand family homes.

The latest development application, <a href="/new-apartments/palmaria-5-7-lower-wycombe-road-neutral-bay">Palmaria</a>, will no doubt turn heads, given the site is located above the Hayes St Beach Foreshore, the only beach in the suburb.

Just six apartments are planned across the 1,306 sqm site at 5-7 Lower Wycombe Road, the location giving residents direct access through a small laneway to the beach. PBD said in their Design Verification Statement that&nbsp;Neutral Bay has seen a growth of new residential development within the area, and with the sites close proximity to the city as well as unique Foreshore waterfront, it provides the opportunity for an improved new development to residents.

They said they took into account the&nbsp;existing building, with its bulk and scale being informed by the predominant front and rear setbacks.

<img alt="Neutral Bay" data-entity-type="file" data-entity-uuid="ab6a1992-2464-4e2d-8a94-66c83a6cefa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-05-17%20at%205.34.07%20pm.png?VersionId=ysTD7C8I3gXpnDebdSMrASXH40U_tHW4" /> 
The existing building at 5-7 Lower Wycombe Road. Image credit: PBD

"By conforming to the existing setbacks, it has allowed for a harmonious integration of the new structure with the surrounding environment. The front setback has been carefully considered in terms of the buildings approach and how it will present itself to the street."

A Heritage Statement prepared by Weir Phillips Heritage and Planning suggested the building could have stood for over a century, with listings from as early as 1912 showing an unnumbered property Conisboro, later known as Conisburgh Flats.

The new building will home just six apartments, each with three bedrooms. The lower ground floor apartment and the penthouse are the largest units on offer in the project. The lower ground floor apartment has 256 sqm of liveable space, an extra rumpus room, and a spa on the balcony. The penthouse has 247 sqm of living area and a full width balcony.

The four half-floor apartments on levels on the ground floor and level one range between 150 sqm and 162 sqm.

Residents will have a communal wine cellar on the lower ground floor, and a private swimming pool overlooking the beach.

There will be two basement levels with&nbsp;11 parking spaces.

<img alt="Lower Wycombe" data-entity-type="file" data-entity-uuid="3fdd92de-5d63-4ac8-9448-2d8b54b5753c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-05-17%20at%205.33.14%20pm.png?VersionId=i7VJyAX_8jFMfuAL9JEMp4srTHutKpJl" />The proposed entry from Lower Wycombe Road. Image credit: PBD

PBD said the apartments are generous in size, aligning with the density provided by other new developments of a similar upscale design.

"The density of the development is considered sustainable within the existing and future availability of infrastructure, public transport, community as well as culturally significant facilities and environmental qualities on the site.

"Furthermore, the proposed design provides an appropriate density for a residential development in the immediate context. The bulk and scale as well as the density of the proposed building, fits organically within its surrounding context and will contribute to the neighbourhood’s atmosphere rather than obstruct the streetscape or view from Hayes St Beach."

The plans were filed by the St Leonards-based Vergome Pty Ltd, directed by Killara and Mosman locals Robert Virgona and Kathleen Quinlivan.

Last year saw a number of development applications submitted targeting the local downsizer.

Local developer Podia is expected to be the next to launch a project to the market, a 23-apartment development at 96 Ben Boyd Road.

Read more:&nbsp;<a href="/news/nsw/podia-lodge-plans-for-six-storey-neutral-bay-apartment-project">Podia lodge plans for six-storey Neutral Bay apartment project</a>

North Shore developer WINIM is working with Rothelowman to redevelop a landmark 1905-built duplex at&nbsp;112-114 Wycombe Road.

They're seeking to blend original character with a modern extension to create The Wycombe, which will have just nine apartments across three levels.

Read more:&nbsp;<a href="/news/nsw/winim-to-redevelop-1905-neutral-bay-building-into-luxury-apartments--114126">WINIM to redevelop 1905 Neutral Bay building into luxury apartments</a>

Just six apartments are planned across the 1,306 sqm site at 5-7 Lower Wycombe Road, the location giving residents direct access through a small laneway to the beach

Vergome Pty Ltd

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