If you’ve spent time around Bower Street in Manly, you already know the appeal. The ocean’s right there, the houses sit naturally into the headland and the whole area has that relaxed Northern Beaches feel. What surprises many locals, though, is that a number of these homes are leasehold, not freehold. People hear the term but don’t always know what it actually means, and as a Buyer’s Agent on the Beaches, it comes up often.
The leasehold structure dates back to 1914, when the Catholic Church subdivided St Patrick’s Estate and offered 99‑year leases instead of selling the land. The same approach was later used on Macmillan Street in Seaforth to protect the character and long‑term stewardship of the headland.
Today, the main leasehold pockets include Bower Street, Spring Cove and the elevated streets around Cerretti Cres and Montpelier Place. Buyers purchase the remaining years of the 99‑year lease, not the land. Most properties have 50–60 years left, with many extended out to 2081. Ground rent is paid annually, and while leases are secure and transferable, the buying process does involve a few extra steps.
Some banks apply stricter lending criteria, but it doesn’t stop buyers getting finance – plenty do – but you need the right lender and a broker who understands leasehold. Expect more paperwork, and sometimes fewer lender options, but once you know that upfront, the process is straightforward.
Despite the structure, the market hasn’t slowed. Bower Street homes regularly sell in the $10M to $25M+ range and often outperform nearby freehold streets. Spring Cove attracts downsizers and prestige buyers wanting privacy and water access. Macmillan Street remains a highly sought‑after, family‑friendly location. These homes sell because of demand and scarcity, not because of the title. People buy here because the lifestyle outweighs the technicalities.
On Bower Street, you wake up to the Pacific and watch surfers on the Bower break. In Spring Cove, you have direct access to Little Manly and bush tracks. On Macmillan St, you get greenery, harbour glimpses and a strong community feel. For most, a 50 or 60‑year lease is more than enough runway.
Will the structure change? Unlikely. The Church has held this land for over a century and shows no intention of selling. They do offer lease extensions, which is why many properties run into the late 2070s and early 2080s.
Does leasehold deter buyers? Occasionally, but usually only those unfamiliar with the area. Once people understand how the leases work and see the sales history, the hesitation fades. The demand, the lifestyle and the scarcity tend to win.
These leasehold pockets have also helped preserve the character of the Northern Beaches. Because the Church retained ownership, development has stayed respectful of the coastline. That’s why the Manly headland still feels low‑rise and natural, why the Fairy Bower to Shelly Beach corridor hasn’t been overbuilt, and why Seaforth’s ridgelines still feel green and established.
For those who live on Bower Street, in Spring Cove or within the surrounding estate, the value is felt every morning in the breeze, the light and the sense of place. Leasehold or not, these remain some of the most admired and tightly held addresses on the Beaches — and that isn’t changing.
For the latest Sydney property updates from Monique Treder, follow on socials @moniquetrederbuyersadvisor or email via monique@goldmanbros.com.au