Located at 2C - 2D Wolseley Street in Drummoyne, the development is planned to be transformed into 12 waterfront flats and a duplex overlooking the water.

The project, known as Bianca, will begin construction in early 2024 and is the first joint venture between Sydney property developers Central Element (CE) and Develotek in the inner west.

Three- and four-bedroom waterfront flats are planned, ranging in size from 120 square metres to 290 square metres, with other features including lift access from the car park, double garages and storage, outdoor entertaining areas and separate wine cellars.

There will also be an outdoor area on the 35 metre waterfront shoreline, including large gardens, open lawns at the water's edge, an outdoor swimming pool and access to the water's edge by foot or boat.

Award-winning architectural firm SJB will be responsible for the creative design of the project.

Adam Haddow, principal of SJB, said their aim was to create "a home that is fully connected to its location".

The architecture echoes the unique topography of the area, with individual rooms and openings adapted to ensure views and privacy are maximised, he said. Each home has spaces to immerse oneself in the stunning location, with spacious open-plan living and dining areas opening onto oversized balconies, allowing residents to see the water, feel the breeze, soak up the sun and enjoy waterfront living at its finest.

Bianca is now accepting expressions of interest and McGrath agents Tracey Dixon and Rob Alfeldi will handle the sales launch.

Nathan Chivas, managing director of Central Elements, said the project was a rare opportunity "to find exceptional plots of land in a premium suburb to build luxury living spaces of the highest quality.

He said: Our position in the luxury residential market has been further strengthened with the Land Development Authority's approval of the world-class mixed-use landmark Hyde Park site earlier this month, and we look forward to record sales when Bianca launches to the market as it is the epitome of premium waterfront living, with unrivalled views and the convenience of a six-kilometre drive or an 18-minute ferry ride to the city.

Develotek director John Fernandes said Wolseley St would see "the first, and possibly the last, major development in a generation".

Taking forward the Bianca project with CE is the first milestone in Develotek's conscious move into the high-end Inner West market, which we see as chronically oversupplied, and we look forward to creating a new benchmark for Drummoyne in the coming years, he said.