Businessman Michael Zammit lists Point Piper home for $40m

Houses on Point Piper’s waterfront have been in short supply this year, but that looks set to change after last week’s $95 million sale up the road of a duplex owned by Katies co-founder Joe Brender and the estate of his late business partner Sam Moss.

Now, Gail and Michael Zammit, the student accommodation developer, are expecting to pocket more than $40 million for their Wolseley Road home set on what is arguably Sydney’s most exclusive patch of sand at Lady Martins Beach when it hits the market early next week with Bill Malouf, of LJ Hooker Double Bay.

The Zammits have undertaken a major renovation the three-level residence since they bought it in 1998 for $3.6 million from medicos Kai Tai Yeung and Connie Chun-Man Leung. At the time the Zammits were trading over from Centennial Park where they sold their former mansion for $2.5 million to Shari-Lea Hitchcock, the mistress of the late cardboard king Richard Pratt.

Their beachfront residence comes with five bedrooms  and a vast parent’s retreat, with a separate home office, formal and informal living areas, internal lift, swimming pool and a boat house.

It is one of a dozen houses that share the north-facing beach alongside the trophy homes of  former prime minister Malcolm Turnbull, car dealer Neville Crichton, businessman Stanley Roth, and former Warner Music chairman Stephen Shrimpton, who is expected to hand over his keys to businessman Fred Bart in coming months.

A shortfall of listings in the ultra-prestige market has translated into stronger-than-expected sales results despite an economic recession in the broader economy.

Earlier this week the beachfront apartment on Seven Shillings Beach owned by philanthropist, pub investor and former Sydney lord mayor Nelson Meers, AO, and his wife Carole sold for about $18 million two months after it was listed for that price by Mr Malouf.

On Thursday a sales notification went up on the Wunulla Road home of orthopaedic surgeon Professor Lawrence Kohan and his property developer wife Gail just weeks after it was listed for $12 million to $13 million.

In June the recently appointed chair of the Museum of Contemporary Art Lorraine Tarabay and her investment banker husband Nick Langley listed their redundant Wyuna Road house a month after it was listed for $14.5 million.

In February, before COVID-19 restrictions impacted the market, Central Coast-based used car dealer Tony Denny bought the house of dentist and property investor Le Tran for $19.5 million.

Givent the dearth of sales in the suburb buyer’s looking at the Zammit home are being told to look at the waterfront home also on Wolseley Road of Westpac board member Steve Harker who sold last year for $40 million and settled on the sale to start-up investor Gabriel Jakob last month.