An Australian builder has picked up the oldest building in Kingston for $700,000 with big plans to restore it to its former glory.
The change of ownership is the talk of the former gold rush town, with locals happy the former Ship Inn hotel will be getting some much-needed love, Colliers listing agent Nicole Bell told OneRoof.
Bell said there had been a lot of interest in the building, which dates back to 1864, but the owner, who lives in the UK, went with the cash offer from across the Tasman. The other offers had been subject to finance and other conditions.
The vendor had bought the building on Cornwall Street in 2014 for $405,000 and had lived in it for a number of years before moving overseas and renting it out to a friend.
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The three-bedroom, one-bathroom property in Queenstown-Lakes was put on the market in May because it had been too hard to look after from a distance and had been seeking offers over $825,000.
A cash buyer had been needed because the property was in a flood zone. There were also restrictions around what could be done to the category three heritage-protected building, which was the only remaining one of 10 pubs originally built in the town during the gold rush.
Bell said the purchaser was familiar with doing these types of restorations and had been looking for his next project.
The Ship Inn is the oldest remaining building in Kingston. Photo / Supplied
The exposed timber beams and stained glass window have been retained from when it was the Ship Inn. Photo / Supplied
He would then rent it out once the work was completed and eventually planned to move across the ditch and live in it.
While Kingston has traditionally been a popular holiday spot, Bell earlier told OneRoof it was attracting more permanent residents as it was just over a 30-minute drive from Queenstown and much more affordable.
“And being such a short ride – although it is windy through The Devil’s Staircase – people tend to live in their house when they buy it.”
A three-bedroom, one-bathroom property just behind the Ship Inn at 5 Cambridge Street, in Kingston, is also for sale with an asking price of $889,000, another affordable option in the village. It last changed hands for $645,000 in June 2021, OneRoof records show.
Bell said the property was competitively priced and would suit a young couple or retired couple wanting to downsize and live in the peaceful Kingston community.
The well-maintained property was just one row back from the lake and on a 405sqm section.
- Click here to find more properties for sale in Kingston
