- Peter McGregor resold a derelict riverside cottage in Waikino for around $400,000 after six years.
- The cottage, bought for nostalgic reasons, was sold to a buyer planning to renovate it.
- Agent Richard Jordan noted high interest, highlighting the property’s unique location along Ohinemuri River.
A self-described “property hoarder” who bought a derelict riverside cottage with no kitchen or plumbing has resold it six years later for around $400,000.
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Waihi Beach man Peter McGregor picked up the two-bedroom property on Waitawheta Road, in Waikino, Hauraki, for nostalgic reasons in 2020.
Hauraki District Council was selling the house that belonged to McGregor’s old neighbour to cover unpaid rates, and McGregor made an offer.
But he never got around to doing anything with it, and now that he’s in his 60s and nearing retirement, he decided to sell and move on to another project.
McGregor, who made his money buying and renovating old villas, told OneRoof the sale was “bittersweet” because of all the memories he had tied to the house.
The old house was missing ceilings and a kitchen. Photo / Supplied
The property sits on a 4047sqm section overlooking the Hauraki River Trail and the Ohinemuri River. Photo / Supplied
He had lived next door decades before and recalled visiting the old man who lived there. He hated the thought of it being bowled so he bought it with the intention of restoring it to its former glory.
“I love the house, but I’m just a hoarder really. I collected that house,” he said.
It took six months to find the right buyer, but McGregor said he was pleased he found someone who expressed a desire to retain the house.
He told OneRoof that the new owner planned to move an old schoolhouse onto the site and live there while she renovated the main dwelling.
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Raine & Horne agent Richard Jordan, who has sold the 4047sqm property twice now, said the interest had been “unbelievable”.
“A lot of the buyers did see it as land value [$330,0000], but it’s actually a lot better than that because it’s unique. There are only two properties on that stretch of trail along Ohinemuri River.”
He added: “The buyer is very excited and very happy, as is the vendor. They are all looking forward to settlement.”
Jordan said Waikino was a great location. “It’s a pocket of real estate where there’s not a huge amount of dwellings. You’ve got a bit of a niche there. It’s a lovely part of the world, and the people that live there have access through the gorge to Waihi and Paeroa.”
A run-down property on Abbott Road, in Waikino, has an asking price of $399,000. Photo / Supplied
Jordan’s colleague Steve Cameron has another “as is, where is” opportunity in Waikino. His listing at 2 Abbott Road is a run-down home with no plumbing or power and is even missing a toilet floor.
The property passed in at auction last week and is now priced at $399,000.
The current owners bought it in 2023 for $330,000 as a deceased estate and had planned to renovate it. They spent time and money clearing the large 2478sqm site, but had not got any further than that.
Cameron, who sold the property to the current owners three years ago, said they were now selling because of a change in circumstances. He said it would suit someone who wanted an adventure and was keen on bringing the character home back to life.
His listing described it as “a rare opportunity for those who love a project and can see the potential beyond what’s currently here”.
- Click here to find more properties for sale in Waihi
