It’s not every day that a piece of Wolseley Road comes up for sale…or is it? 42 Wolseley Road has traded hands no less than six times in the past 14 years. It’s most recent sale in 2010 for $11.75m came after it shopped offers in the $15m+ range for a solid month or two, if we recall. What makes the listing different now in 2012? Well, the 1970s three-storey structure now comes with $5.043m plans for home demolition and a 787sqm home designed by Tzannes Architects. It’s a trend that seems to be gaining traction in Sydney’s prestige market: undercapitalized homes being offered for sale with approved plans for a remodel or rebuild. However, another sad trend that seems to go hand-in-hand is that there is no built in discount taking consideration that you’re not buying the finished product, just buying a demolition site. Granted, half the headache of a new construction in Point Piper is getting it through the Woollahra Council; but the question persists: is 42 Wolseley Road a $21m+ home post-construction? A question I’m sure potential owners ought to be asking. According to listing agents Julian Hasemer, David Tyrrell, and Brad Caldwell-Eyles of 1st City the finished product will feature 6-bedrooms, 8-bathrooms, and a 4-car garage spanning 4 levels plus a stone-clad basement, waterfront pool, and harbourfront access. Suspiciously, Strata Development is advertising on their website that they are acting as “development managers for… two ultra-luxury homes” on the very same site. So is it one home or two?
The listing: 42 Wolseley Road, Point Piper