An Art Deco home that's too costly to repair will be demolished over the next few weeks to make way for four luxury townhouses.
The 1940s property on Woodstock Road, in Hamilton, was on the market earlier this year with the owner prepared to take a significant loss on the property.
But after four months on the market and more than 80 viewings, Lugtons salesperson Fraser Kilgour said no one could make it work financially based on the cost of renovations needed.
“The damage was pretty extensive throughout the home. It needed full relining, roofing, flooring, exterior resurfacing, and the cost was huge to renovate," he said.
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“A lot of people were saying it was more expensive to renovate it than to build it again.”
Kilgour said they spent months trying to sell the home "as is" because everyone appreciated what a cool property it was.
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The property was purchased for $1.57 million in September 2021 at the peak of the market and the developer had been prepared to make a massive $400,000 hit on the property for the right buyer when they put it up for sale earlier this year for $1.175m.
Some companies had considered making it their offices, while others had considered moving into the city from their lifestyle blocks and transforming it into a family home.
“We had building companies come through – big players from Hamilton come through with a vision – but even they couldn’t make it work for them feasibly.”
But Kilgour said despite some of the home’s redeeming features such as curved exterior and large ballroom, the job was too much for anybody to want to take on.
Work on the four new luxury townhouses on Woodstock Road, in Fairfield, will begin early next year. Photo / Supplied
The largest townhouse at the end of the complex will boast impressive views of the city's most notable bridge. Photo / Supplied
Hamilton developer Vibe Group has instead decided to clear the site and work will begin early next year to build four stunning townhouses on the elevated site.
“The developer is really keen to do something really cool in Hamilton City with quite a unique three-storey home with a lift and a double garage in a central city location.”
Kilgour said it would suit a buyer looking for a luxury spacious home in what would be a city centrepiece. This could include retirees or executives who wanted a low maintenance home walking distance to the CBD.
The largest four-bedroom townhouse at the end of the row of townhouses boasts amazing views of Fairfield Bridge and is being sold for $1.699m. The other three three-bedroom townhouses are north-facing and have views towards the city and start from $1.399m.
Funding has been confirmed for all four townhouses and CHT Developments plan to have them built by the end of next year.
Kilgour said they had been popular so far and he wouldn’t be surprised if one was under contract soon as there weren’t many high-end townhouses available right in the city centre.
“People love the certainty they are going ahead which is cool. There are no presales required. Most developments require 50% presale, but this is going ahead for sure.
“It’s just going to be a really cool feature for the city these townhouses ... It’s privacy for the vendors, but in a prominent place and obviously just a walk to town so you can see why it’s going to be attractive to a wide variety of buyers.”
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