Robin Khuda, the billionaire founder of data centre powerhouse AirTrunk, is ramping up his plans to develop a luxury apartment complex in the coveted Balmoral Slopes in Sydney’s exclusive Mosman, adding a neighbouring property to a corner site he bought last year.
The second property – a four-bedroom home he acquired for $18 million in an off-market deal – Khuda has now spent $50 million on the two sites on Moruben Road, whose elevated position provides sweeping views to North Head.
The investment by Khuda, a Mosman resident himself, underlines how much effort the Rich Lister is putting into his side hustle in a luxury development business which extends to projects at Manly and Palm Beach in Sydney and trendy St Kilda in Melbourne.
“With the acquisition of 19 Moruben Road, alongside our existing holding at number 17, we now control, what I believe, is the finest 1340 square metres of developable residential land in Mosman and Balmoral. Opportunities to assemble land of this quality, scale and location are exceptionally rare,” Khuda said.
“Our plan bringing these two exceptional sites together gives us a rare opportunity to take a more holistic approach to future development.
“It provides greater flexibility to explore innovative design outcomes, create long-term value and deliver something truly special that complements the character of Balmoral and benefits the surrounding community.”
Khuda, who still leads the hyperscale data centre company he founded and which was sold to Blackstone for $24 billion two years ago, is also hands-on with his development company, Ondas. He is working through the design of the Balmoral Slopes project, with the overall mix and final number of residences yet to be determined.
Ondas’ pipeline of projects has expanded to $500 million, with four developments under way, including the $50 million project in Melbourne’s beachside suburb St Kilda alongside developer Fortis and investment firm ERDI. Khuda also remains in charge of AirTrunk.
Khuda took control of a retail property at 713-715 Military Road in Mosman, next door to the Mosman RSL Club, in January. Midway through last year, Ondas acquired the first Moruben Road property for $32 million, home to a cream-brick, three-storey building with 12 residences.
His expanding ambition on Sydney’s lower north shore comes amid an intensifying debate over development in Sydney’s wealthy suburbs as the NSW government presses ahead with plans to unleash high-density housing.
Development industry body Urban Taskforce Australia last week accused the Mosman and Woollahra councils of attempting to obstruct state government plans to increase housing density and said they should be stripped of their planning powers if they don’t accept the new rules.
Khuda has had his own run-ins with residents in planning disputes. Two years ago, he won a long battle, overcoming objections from the residents of well-to-do Palm Beach on Sydney’s northern beaches, to secure approval to develop luxury apartments there.
The billionaire’s plans for his own “forever home” elsewhere in Balmoral Slopes have triggered the ire of nearby residents who were unhappy with its inclusion of a pickleball court, worried about the potential for disturbance.
“Sydney presents a particularly complex environment for residential development, given its land constraints, established urban character, detailed planning requirements, infrastructure pressures and high construction costs,” Khuda said.
“Mosman adds another layer of uncertainty at the moment; however, we are confident in our ability to navigate the process and deliver a project that is a positive outcome for the community.”
