An investor who owns 34 properties across Auckland has bought a do-up in the city’s prized Double Grammar Zone for $4.32 million – more than half a million dollars above the reserve.
The five-bedroom house at 13 Marama Avenue, in Epsom, sold under the hammer after strong competition from 14 bidders at an auction held by Barfoot and Thompson on Wednesday.
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The house, which is divided up in three separate units, sits on a 1155sqm section zoned Single House, which means the land can’t be used to build terrace housing or apartments - a factor in other recent big sales of tired properties on big sections.
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Listing agent Julia Zhu told OneRoof she had received seven pre-auction offers starting from $3.5 million, mainly from land bankers and investors.
However, all the offers were declined and the property went to auction as planned, with bidding starting at $3 million - $275,000 above its 2017 CV – and reaching the reserve in less than three minutes.
The property was owned by a Maori charity, which was over the moon with the result, calling Zhu a “wonder lady”.
The new owner is an investor who is planning to keep the property as a rental for a few years and then renovate.
Built in 1915, 13 Marama Avenue has heritage protections, meaning the new owner would not be able to demolish and start from scratch.
The five-bedroom bungalow , which is divided into units, cannot be demolished. Photo/ Supplied
“They really don’t care about the current condition [of the house]. It’s all about the land.”
She said the new buyer would turn it into an $8 million property.
The underbidder for the property was a Singaporean investor who was bidding sight unseen and had intended to restore the character home and bring his family over, Zhu said.
“People from Singapore cherish New Zealand housing history and its charm. [That bidder] was going to do a huge renovation extension with a guest wing.”
67 St Leonards Road, in Epsom, Auckland, sold for $3,785m, $805,000 above its reserve price. Photo/ Supplied
Zhu said the freehold site had the potential for a granny flat, a pool and even a mini golf area.
Fetching a similarly high price at Barfoot and Thompson’s auctions this week was a fresh-looking a four-bedroom family home, also in Double Grammar zone.
The well-kept bungalow at 67 St Leonards Road, in Epsom, sold for $3.785 million - $805,000 above the reserve and $1.485 million above the 2017 CV.
The property was listed with Barfoot and Thompson agents Diana West and Peter West and was last sold in 2015 for $2.35 million.
