Mum’s astute Manly buy has made millions

Mum’s astute Manly buy has made millions

Eastern suburbs socialite Elsa Zavattaro made an astute purchase in Manly almost 30 years ago and has been enjoying handsome returns ever since.

The charity supporter and mum built units on a key waterfront block and has steadily sold them off over the years for a total of $6 million.

Now the last of the six waterfront apartments is about to be offered with a $2.7 million price tag.

Agent Joe Abboud, of The Agency in the Eastern Suburbs, said the softly-spoken mother and children’s charity supporter chose well a waterfront site back in the early 1990s, developed the site, never lived in the property but over the years sold one apartment at a time. Now the final apartment is for sale. It is unrenovated but is on the waterfront with steps down to the water’s edge where locals keep their kayaks and already downsizers are lining up to inspect it.

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Mr Abboud said Mrs Zavattaro’s daughter Louise also has an interest in the Manly block. Ms Zavattaro is known for her love of historic homes. She once owned Crossways in Centennial Park which sold for $12.75 million in 2017. Last year the Arts and Crafts lover also sold Crossways Farm in Robertson for $5.5 million.

Elsa Zavattaro purchased 8 Addison Rd, Manly in 1990 when it was an old house on 1414sqm of land. As part of the sale she agreed to allow the original owners to stay on the site and keep one of the ground floor garden apartments. She then developed the site with six apartments each with three bedrooms and intimate water views.

She leased the apartments until selling them off one by one. Between 1998 and 2007 Mrs Zavattaro sold five units for a total of $6 million.

Now apartment number 4, on the middle level is going to auction on Saturday February 9 with a guide of $2.7 million.

Lincoln McCarthy, of The Agency Mosman, said the apartment is unrenovated and has been rented out long term. It has three bedrooms, two bathrooms, an all-weather terrace and large lounge and dining room with a water view.

“You will enjoy direct access to the water’s edge, while being footsteps from laid back Manly Beach,” Mr McCarthy said.

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