A block of land smaller than three tennis courts and described as Australia’s most expensive pile of rubble has sold for up to $24million.
That price works out to about $32,000 per square metre but the site on Sydney Harbour comes with some of the most spectacular views available in the city’s eastern suburbs.
It is the only vacant block with development approval on the most exclusive residential street in Australia, which is one of the most expensive addresses in the world.
The 740 square metre site at 42 Wolseley Road, Point Piper, has now changed hands nine times in the past two decades and its new owner has not been identified.
Point Piper has just 1,400 residents and a property on the waterfront side of Wolseley Road rarely sells for less than $40million.
Selling agent Bill Malouf of LJ Hooker Double Bay would not comment on the final price or identity of the buyer but sources said it went for between $22million and $24million.
It could be Australia’s most expensive pile of rubble: an abandoned block smaller than three tennis courts sold for up to $24million, or $32,000 per square metre. The 740 square metre site at 42 Wolseley Road, Point Piper, has changed hands nine times in the past two decades
The mystery owner of this parcel of harbourfront land in Sydney’s eastern suburbs has sold one of the most spectacular urban views on the planet. It had a price guide of about $24million
‘We’ve got stuff down there that we’ve sold at $60million and above so this is an attractive purchase, selling agent Bill Malouf said. ‘There are properties there worth $100million… ‘
Mr Malouf had previously said while the land was currently a pile of green waste and dirt its potential was enormous.
‘It is a bargain,’ he told Daily Mail Australia in August. ‘Your’e not going to get on this street under this sort of money.
‘You’d have to say the median price of Wolseley Road is in excess of $40million. You don’t even get a look in on the waterfront side for less than $40million plus.
‘Everyone considers Wolseley Road as the most expensive street in Australia and it is.
‘We’ve got stuff down there that we’ve sold at $60million and above so this is an attractive purchase. There are properties there worth $100million plus.’
Mr Malouf said the existing approved development application to build on the site made the property unique. ‘It becomes an attractive buy.’
‘If that was a brand new house finished on the marketplace we would be quoting in excess of $40million,’ Mr Malouf said.
Because the land was vacant it could be bought by a foreign buyer but Mr Malouf had expected it be sold to someone local.
This land at 42 Wolseley Road in Point Piper is covered in rubble. It is the only vacant block with residential development approval on the most exclusive and expensive street in Australia
Selling agent Bill Malouf of LJ Hooker Double Bay agreed while the land was currently a pile of dirt its potential was enormous. ‘It is a bargain,’ Mr Malouf told Daily Mail Australia. ‘You’re not going to get on this street under this sort of money’. Houses here sell for $40million or more
Wolseley Road starts at New South Head Road and curves around Point Piper for a kilometre to a dead end above Lady Martins Beach.
Such is the attraction of the thoroughfare that once a buyer has secured a spot on Wolseley Road they tend to stay so the rapid turnover of No 42 is unusual.
The property was sold late last year for $22.5million and was put back on the market with a price guide of $22million to $24million.
The previous buyer, who paid stamp duty of more than $1.5million, settled only 10 months ago.
Hugh Huang, son of Chinese shipping magnate Shannian Huang, bought the property from Sydney FC chairman Scott Barlow for $14.35 million in 2013.
Mr Huang knocked down the existing four-bedroom 1970 residence and planned to build a glass-fronted mansion designed by architects Tzannes Associates which was approved by Woollahra Council.
Those plans were abandoned in December last year when Huang sold the block for $22.5million to a mystery owner who bought it in the name of accountant Peter Wyer.
Previous owners include hotelier Damien Reed, who paid $9.5million in 2004, co-founders of wholesaler Look Sharp, Rosena and Eddie Yip ($7.38million in 2003) and Amber Pavlik of the Bushells Tea family ($4.375million in 2000).
Approval was in place to build a multi-level home with five double-bedroom suites.
The plans offer an uninterrupted harbour panorama stretching from Double Bay around to Cremorne and Mosman, including the Opera House and Harbour Bridge.
Those designs also include seven bathrooms, a private lift accessing each floor of the home and four parking spaces.
Hugh Huang, son of Chinese shipping magnate Shannian Huang, bought the property for $14.35 million in 2013 and knocked down the existing 1970 residence (white building)
Approved development plans for the Point Piper property offer an uninterrupted harbour panorama stretching from Double Bay around to Cremorne and Mosman, including the Opera House and Harbour Bridge. Pictured is part of the spectacular view from the property
A spacious eat-in kitchen flows through to a formal lounge and dining rooms and the lower level includes an enormous rumpus room, kitchen/bar area and gym.
A pool is set against the harbour, surrounded by a private garden and terrace with immediate access to the sandy beachfront which leads to Redleaf Pool.
Jailed property developer Ron Medich, who is serving a 39-year sentence for ordering the 2009 murder of business rival Michael McGurk, once owned a neighbouring property.
Aussie Home Loans found John Symond lives just down the beach and fellow billionaires including Westfield chairman Frank Lowy and Hungry Jack’s owner Jack Cowin live on the street.
The Ainsworth poker machine family owns a mansion in Wolseley Road and billionaire media heirs James Packer and Lachlan Murdoch have also lived there.
Aussie Home Loans found John Symond lives just down the beach from 42 Wolseley Road and fellow billionaires including Westfield chairman Frank Lowy and Hungry Jack’s owner Jack Cowin live on the street