An abandoned lot in Australia's most expensive street has gone on the market for A$25 million ($26.4m), just seven months after it was last sold for A$22.5m.

The mystery owner of 42 Wolseley Road, Point Piper is selling what is now the only vacant block of land with development approval on one of the most exclusive residential streets in the world, Domain first reported last week.

The 740 square metre block has changed hands eight times in the past two decades.

Former owner Hugh Huang, son of Chinese shipping magnate Shannian Huang, purchased the property from Sydney FC chairman Scott Barlow for A$14.35m in 2013.

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As part of the Foreign Investment Review Board approval, he agreed to knock down the original 1970s-built residence and build a new mansion designed by Tzannes Associates.

He abruptly abandoned that plan last year and instead put it on the market. It was sold to an unknown buyer, who put it in the name of his accountant Peter Wyer.

That buyer has now also done a U-turn. He's looking to make back his original purchase price, plus the A$1.5m stamp duty and A$1m profit.

This pile of rubble is worth $26 million. Photo / Supplied
This pile of rubble is worth $26 million. Photo / Supplied

Selling agent Bill Malouf of LJ Hooker Double Bay described it as "a bargain". "You're not going to get on this street under this sort of money," he told The Daily Mail.

Malouf said if he were selling a brand new house on site it would be worth A$40m. "You'd have to say the median price of Wolseley Road is in excess of A$40m," he said.

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

The development approval for the site, which had been commissioned by Barlow, offers five double bedroom suites with views over Sydney Harbour, seven bathrooms, four car spaces and a private lift accessing each level of the residence.

"Ultra-spacious entertainers eat-in kitchen that flows through to the formal lounge and dining rooms," the listing says.

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"The lower level is dedicated to casual entertaining with an enormous rumpus room, kitchen/bar area and gym. Wet edge pool set against the harbour backdrop, surrounded by private garden and terrace with immediate access to the waterfront."

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. 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.