A near-100-year-old waterfront home has hit the market with expectations that it will sell for more than $3 million and start the transformation of a quiet neighbourhood.
The beautiful three-bedroom bungalow at 1 Eleventh Avenue sits on a whopping 3111sqm section on Te Papa peninsula and boasts stunning views of Tauranga harbour.
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Ray White agent Ian Grindle, who is marketing the home, told OneRoof that potential buyers could benefit from Tauranga’s growth plan.
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"The new rules are a bit up in the air but currently you can put a separate dwelling on 325sqm but the council want to see a more intense development in this part to town, with plans currently in consultations," he said.
In October last year, Tauranga City Council approved the Te Papa Spatial Plan, a 30-year blueprint for growth along the city spine between the CBD and Greerton - an area expected to become home to an extra 15,000 people by 2050.
The plan foreshadows an estimated $536.3m in capital spending over the 10 years in the city to support the increase in population.
1 Eleventh Avenue sits on a large waterfront section. Photo/ Supplied
Built in 1920s, 1 Eleventh Avenue has been owned by the same family for 65 years.
Grindle said the bungalow can be removed or demolished if a buyer wants to free up the whole site.
"In the inner-city, multi-million-dollar houses are built next to old baches. But the baches are worth a lot of money because the land value is so high.”
The three-bedroom bungalow has many of its original features. Photo/ Supplied
He said he had a lot of buyer enquiry from both locals and out-of-towners, as there was not a lot else available at the $3 million price point.
“Securing a property of this scale in Tauranga compared to what you’d pay in Auckland - it’s quite affordable if you want a multi-million-dollar home in a multi-million-dollar site,” he said.
He said $3 million wasn’t out of the ordinary for Tauranga, he said, highlighting a luxury apartment at 6 Park Street that he sold last year for $2.9 million.
The luxury apartment has three bedrooms, a large 53sm q deck, three car parks and was the biggest apartment sale for the area.
