Domestic Travel


Is this Australia’s most expensive pile of rubble? Vacant block on Sydney Harbour hits the market

A mystery owner of an abandoned lot in one of the most expensive streets in Australia, has hit the market for $25 million - only seven months after it was sold for $22.5 million. 

The vacant block of land is part of a residential street that might just be one of the most exclusive in the world, on 42 Wolseley Road, Point Piper. 

Just stretching 740 square metres - no bigger than three tennis courts - the property has changed hands eight times in the last 20 years. 

Before the mysterious proprietor took ownership, their were a number of high profile buyers including Hugh Huang, son of Chinese shipping magnate Shannian Huang,  who purchased it from Sydney FC chairman, Scott Barlow for $14.35 million in 2013. 

Before abruptly abandoning the plan to rebuild a new mansion, Huang knocked down the original 1970’s built home. He went on to sell the slab of land for $22.5 million to an unknown buyer, who put the home under his accountant, Peter Wyer. 

The buyer added a U-turn and then put it back on the market, and is asking for the original purchase price back -plus a $1.5 million stamp duty, and a $1 million profit. 

Selling agent Bill Malouf of LJ Hooker Double Bay told The Daily Mail the property was “a bargain”. 

“You’re not going to get on this street under this sort of money.” 

Mr Malouf said if he had been selling a newly built home on the slame block of land, it would go for a much higher price. 

“You’d have to say the median price of Wolseley Road is in excess of $40 million,” he said.

“You don’t even get a look in on the waterfront side for less than $40 million 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 $60 million and above, so this is an attractive purchase. There are properties there worth $100 million plus.”

Other former owners of the property include hotelier Damien Reed, wholesaler Look Sharp co-founders Rosena and Eddie Yip and Bushells Tea heir Amber Pavlik. 

The luxurious Wolseley Road is home to the likes of Aussie Home Loans founder John Symond, Westfield chairman Frank Lowy and Hungry Jack’s owner Jack Cowin.

Scroll through the gallery above to see the home.