A shell of a property with only one wall surrounded by framing has been picked up by a TV renovation champ for just under $1 million in what will be his biggest project yet.
Winner of home renovation show Our First Home, Jono Frankle, who is also a prolific property trader, has a mammoth task ahead of him after winning a property in Riverhead, Auckland, for $992,000 at a New Zealand Sotheby’s International Realty auction last week.
The Edward Street home, which had four bedrooms and one bathroom, was bought by a couple in June last year for $1.31m, according to OneRoof property records. They started a major renovation on the house which included extending it and completely changing the layout.
But a change in circumstances meant they did not finish it and sold it uncompleted, walking away with $318,000 less than what they paid for what was then a completed and liveable home 15 months earlier.
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The marketing for the property focused on what the house could look like once the work was finished and showed rendered images of the finished project based on the architect’s plans.
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Frankle, who is carrying out the project in partnership with builder Shaun Jenkins, said it would be a massive undertaking putting the stripped-back house together as both the kitchen and bathroom had been ripped out.
“There’s just one wall that remains, otherwise it’s literally just framing and a pool.” The building paper is the only thing protecting it from the elements, he added.
Frankle and Jenkins, who is key to the project due to owning a construction company, plan to carry on with the architectural plans that have already been drawn up for the home, especially as all the consents have been approved.
As part of the sale, the property came with a container load of fixtures and fittings including flooring, tiles, doorways, custom-designed windows, kitchen cabinetry, gold designer tapware and lighting that were purchased for the renovation but never installed. Even the kitchen joinery is sitting at a factory ready for collection.
Frankle planned to use as much of the products in the shed as possible but said they may have to sell some items if they were too much suited to a certain taste. The unused items would be resold.
The kitchen and bathroom have been ripped out. Photo / Supplied
The Edward Street property prior to the renovation when it was bought in June last year for $1.31m had four bedrooms and one bathroom. Photo / Supplied
The newly installed inground pool was already fenced and probably one of the most completed things in the house, he said.
Unlike most of Frankle’s property flips which focus on bringing dated, tired homes into the 21st century, he viewed this as a rebuild.
While the other projects he embarks on are usually completed within four to six weeks, the Riverhead home will take six months.
The estimated budget of $500,000 is also five times bigger than his previous projects and most of that cost will be labour. The home also needs to be lined and needs a new roof, which was not part of the sale.
The result will be a 247sqm high-spec, luxury four-bedroom, two-bathroom home that will appeal to professional families.
He said the large walk-in wardrobe was the same size as a lot of people’s bedrooms and along with the ensuite made it an awesome space for the parents, while the inground pool and the Kumeu Rugby Football Club’s fields next door also made it perfect for kids.
The new inground pool is probably the most completed part of the property. Photo / Supplied
A render of what the Edward Street property could look like based on the architect's plans. Photo / Supplied
“It’s got an awesome location and it’s a pretty wicked sort of space.”
And while it’s a mammoth undertaking, Frankle said there were also some upsides to taking on a build for a change.
“It was different from my usual, but at the same time, I think it’s got a little bit more certainty. When you go into a renovation there’s unknowns, you pull off a wall, you’re not sure what’s behind there, you pull out the bath you’re not sure. Whereas this one here you’ve got framing, there’s nothing hidden, it is what it is, and you kind of plan forward.”
However, because it is different from his usual flips, he’s still seeking investors for the project due to it being a slightly different type of investment and having a longer timeframe.
In the meantime, Frankle still has plenty of smaller renovation projects on the go. He’s just about to finish renovating a four-bedroom house in Otara and another in Manurewa that will go on the market in the next few weeks. Work on an original three-bedroom home in Massey has also just begun.
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