A yet-to-be-built luxury three-bedroom apartment has sold for $19.5m in what agents say is the highest price yet achieved for an off the plan unit in the elite Sydney suburb of Mosman.

Ahead of the launch of the $125m Redan Lane development on Saturday, a downsizing local Mosman family has snared the largest unit in the boutique project, a 270 sqm ground floor garden apartment overlooking the Balmoral Slopes down to the ocean. The apartment features three bedrooms, two living areas, four bathrooms and internal access to a garage. Outdoors there's another 222 sqm of external area but no swimming pool.

The selling agent CBRE senior director Tim Rees said the boutique development of seven apartments was designed by Studio Johnston with interiors by MIM Design. There are six apartments still available for purchase starting from $13.5m for a three-bedroom 205 sqm unit.

"This is a development that attracts absolute prestige and panoramic water views and ease of walking access into Mosman Village which is only five minutes away," Mr Rees said, adding that it is aimed at the growing cohort of Mosman downsizers. Prosker Property is behind the development fronting 22 Redan Lane, Mosman. The apartments range from 205 sq m to 270 sq m in size.

This article was originally published here.