A half-burnt down house on a section big enough for development potential is on the market in central Hamilton after the property failed to sell in 2022 when listed prior to the fire.
Eves agent Leon Mitchell thinks 24 Paul Crescent, in Fairfield, will likely be bowled by any new owner, although he told OneRoof stranger things have happened.
“I’ve been wrong before when people can bring stuff like that back.”
He was unsure of details around how the fire happened but said about half the house looked to have been engulfed in the fire when it broke out before Christmas when the property was empty.
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What’s left of the house is on a 850sqm section and is being advertised as “vendor says sell!” with an auction date of January 31.
Regardless of the fire, Mitchell said the location was good and the section had good development potential.
The property has a CV of $640,000 but he said the $550,000 land value was more of a guide, and that there was good interest.
When the three-bedroom circa 1950s, then a tenanted bungalow, came to market in 2022 it was listed for $589,000 but despite a couple of offers it did not sell.
What the house looked like before the fire. Photo / Supplied
At that time the house was in average condition but feedback from viewers was that it needed work so the tenants left and the vendors pulled it from the market and did some renovations with the intention of relisting.
The vendors were overseas when the fire happened and Eves had been on the verge of getting photos taken for the new listing, Mitchell said.
“We were just about to list it prior to it having the fire and the vendor gave me a call and said ‘look, don’t worry about it, it’s now in ruins’.”
The listing from before the fire was aimed at first-home buyers, renovators, land-bankers and developers: “If you are after a renovation project, future land bank option or a savvy developer wanting to secure something close to the Hamilton CBD then the possibilities are all here.
The property sits on 850sqm of land. Photo / Supplied
“Well appointed to local amenities, zoned schools and Fairfield Park is within walking distance.”
The current listing is aimed at savvy investors, developers, builders and tradies looking for a project (subject to council approval).
“An opportunity has presented itself for an astute buyer as this home has experienced extensive fire damage throughout and is being sold ‘as is, where is’ in its entirety,” said the listing.
“Whether you are a seasoned developer or a trades person looking to create something new or future land bank options, make no mistake the possibility to enhance the value of this site is immense so take advantage of this attractive investment opportunity.”
Mitchell said the owners want the property sold. “It was a little bit devastating because they’d done those renos and then all of a sudden that happened.”
The listing added: “Our vendors’ instructions are clear – they want a result come auction day so do your numbers and talk to Team Mitchell”.
Mitchell said the property was just a six-minute drive to the CBD, a two-minute drive to local amenities and walking distance to Fairfield Park.
- 24 Paul Crescent, in Fairfield, Hamilton, goes to auction on January 31
