- A villa in Glenholme, Rotorua, is being sold “as is” after fire damage.
- Only one of the five flats was significantly damaged; the property has been vacant ever since.
- The villa, with a 2023 RV of $815,000, will be auctioned on April 10.
An overseas landlord is cutting his losses and selling a villa “as is, where is” after it was damaged in a fire two years ago.
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One of the tenants living at 28A High Street in Glenholme, in Rotorua, had unfortunately left the stove on when they raced out of the house to attend to a family emergency.
Flames took hold and destroyed several rooms in the house, which has been vacant ever since.
The 1950s property appears largely undamaged from the outside. Photo / Supplied
An unattended stove caused massive damage to one of the studio flats in the property. Photo / Supplied
Ray White agent Jodi Ratahi, who is marketing the property with colleague Kerif Smerdon, said her vendor was motivated and wanted out.
The property, which had been split into five flats and has an RV of $815,000, last changed hands for $595,000 in 2019. Prior to the fire, it generated a return on investment of $94,100.
Only one of the five flats was visibly damaged in the fire, and the agents believe buyers could bring the villa and its rental potential back to life with a thoughtful renovation.
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“I think everything is repairable. The predominant damage was in one unit only,” Ratahi told OneRoof.
However, both agents are urging buyers to bring in a “specialist to conduct a thorough investigation of the entire property”.
The current layout comprises one two-bedroom unit, two one-bedroom units and two studios, but council records showed a building consent had been granted in 2024 to transform it from the current five smaller flats into four larger flats.
The agents told OneRoof that a wide range of buyers had shown interest in the villa.
Most of the enquiries had come from investors, developers and house-flippers, but the agents had also been contacted by a buyer wanting to turn it back into a large family home.
- 28A High Street, in Glenholme, in Rotorua, goes to auction on April 10
