When villas in Ponsonby needing a ton of work go for well over $2 million, a cottage in central Auckland with a CV of just $840,000 could be the cheapest find in the inner city.
The villa at 32 Fleet Street in the central city's Eden Terrace, built in 1890, is one of the few remaining old houses in the area and is just blocks from the future Mt Eden City Rail Link station.
A traditonal verandah and hardwood floors are some of the heritage features still intact. Photo / Supplied
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“This Eden Terrace villa represents great value for money and a huge opportunity,” says Te Rere Cleveland of Arizto, who is bringing the 76sq m villa to auction on December 16.
She wasn’t prepared to say where the eventual sales price might land, but expects buyers could be either developers land banking or a family prepared to renovate the three-bedroom villa, perhaps even lift it to add parking and more living space.
Despite surrounding houses and commercial premises, the house has a sunny backyard. Photo / Supplied
"It's got the front veranda with ornate detailing, stunning hardwood floors and more, it’s a fabulous character home in an incredible location.
“It has a beautiful lounge with exquisite high ceilings and big windows to let in the light.
“Eden Terrace is just up the road from Basque Park and [it’s] an easy stroll to Ponsonby Rd.”
Cleveland says her vendor, who has owned the property for 18 months, has had it tenanted. She says that while the property has zoning for business-mixed use, allowing a 21m height overlay would allow development as both residential and commercial.
A complete do-up bungalowa at 109 John Street Ponsonby sold last month for $2.175 million. Photo / Supplied
“It is its 220sq m land size, it’s an interesting little site. It gets quite a bit of sun on to it. The neighbours are a mix of commercial and there are some houses. You could keep it as a rental or get really creative.”
She says that she has concept plans from earlier owners for a four-storey apartment building. Or an architect owner could get really creative with a Grand Designs-style pocket development like those seen in Melbourne or Sydney or Ponsonby’s Vinegar Lane that combines carparking (there is none at the moment) with offices and an apartment or two.
An architect-designed in-fill home and office in Park Road Grafton sold two years ago $2.4 million. Photo / Ted Baghurst
A similar development built in 2005 on a similar pocket of 254sq m near railway lines in Grafton’s Park Road sold two years ago for $2.4 million, and was a funky home and office for working parents and teenagers who could walk to school and town.
"Eden Terrace is zoned for Newton Central, Kowhai Intermediate, Auckland Girls Grammar, Mount Albert Grammar and Western Springs College, so you are spoilt for choice,” Cleveland says.
In Grey Lynn, another do-up transitional villa at 37 Beaconsfield Street achieved $2 million in October. Photo / Supplied
Recent sales in Ponsonby and Grey Lynn include an only just habitable bungalow on Ponsonby’s 108 John Street that 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 went for $2 million, both $250,000 above CV. 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.
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