A villa in central Auckland with a CV of $840,000 has sold at auction for $1 million.
The three-bedroom villa which sits on a 220sqm at 32 Fleet Street, in Eden Terrace, was fought over two bidders and snapped up by a young couple.
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The property had been pitched as an affordable opportunity by Arizto sales agent Te Rere Cleveland.
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“The property sold for well over its reserve, and beyond the market feedback of around $900,000.”
She told OneRoof before the auction that the property was zoned business-mixed use. The vendor, who had owned the property for just 18 months, had rented it out and there were concept plans drawn up by a previous owner for a four-storey apartment building.
A traditonal verandah and hardwood floors are some of the heritage features still intact. Photo / Supplied
Cleveland said that the tricky site – it's on a mostly commercial street with no off-street parking - attracted a lot of online enquiries, calls and texts and a lot of drive-by viewings.
“It’s an interesting little site. It gets quite a bit of sun on to it."
The cottage still had some original details including front veranda with ornate detailing, hardwood floors and high ceilings and big windows to let in the light, but its attraction was its location up the road from Basque Park and near the future developments around the City Rail Link’s Mt Eden station, an easy stroll to Ponsonby Rd.
A multi-story mixed-use development on a similar pocket site of 254sq m, built in 2005 by an architect for his own home and office on Grafton’s Park Road, sold two years ago for $2.4 million.
The $1 million price for the original cottage compares to do-up sales in Ponsonby and Grey Lynn selling for more than twice that price, albeit on larger sites.
An only just habitable bungalow on Ponsonby’s 108 John Street went for $2.175 million in November and a transitional villa at 37 Beaconsfield Street Grey Lynn with already resource-consented plans by well-known heritage architects Jones Architects sold for $2 million, both $250,000 above CV.
A complete do-up bungalow at 109 John Street Ponsonby sold last month for $2.175 million. Photo / Supplied
They show that buyers are realistic about what a ‘before’ costs, and are prepared to spend to nail a property in the desirable inner city.
