- A storage shed in Whitianga sold for $571,000 after a $1 reserve auction with 68 bids.
- The South Island buyer plans to park a motorhome and explore making it a permanent home.
- The sale was $51,000 above the RV and nearly $300,000 more than the vendor paid.
One of the flashiest storage sheds in the Coromandel sold for $571,000 yesterday after bargain-hunters turned a $1 reserve auction into a tense bid-battle.
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Eighteen buyers registered to compete at the Bayleys auction, and they didn’t hold back: the 501sqm property on Carina Way, in Whitianga, attracted 68 bids over 15 minutes, with the closing moments serving up some unexpected drama.
One of the last two bidders standing offered to pay $572,000, but then retracted the bid. He refused to go any further, leaving his opponent victorious at $571,000.
The South Island buyer plans to park his motorhome on the property, but will explore ways to turn the site into his permanent home.
The large storage shed has a heat pump and smart vent system. Photo / Supplied
The well-appointed storage shed also includes a full bathroom. Photo / Supplied
He won’t be able to sleep in his plush new “storage shed”, but it does come with a full laundry, benchtop, and bathroom.
Bayleys listing agent Belinda Sammons, who marketed the property with colleague Kylie Pullen, said her vendor was “thrilled” with the result. The sale price was $51,000 above the RV, almost $300,000 more than what he paid for it, and $570,999 above his risky reserve.
Sammons told OneRoof her client wasn’t worried despite the risk he might be forced to settle for less: “He loves $1 reserve auctions, he is addicted to selling things for a $1 reserve. He thought it would be cool for Carina Way.”
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Sammons said this was the first $1 reserve auction she had done – and possibly her last. “It’s definitely not for the fainthearted,” she told OneRoof.
The property attracted more than 100 inquiries. Some buyers wanted to turn the shed into a home, while others wanted to build a permanent house on the site.
The vendor had aimed to build a house next to the shed but his plans changed after he bought a section on Whitianga’s beachfront and constructed a large, two-storey home with a five-car garage there instead.
He had since shifted to a lifestyle block outside the Coromandel.
- Click here to find more properties for sale in Whitianga
