In searching for his next renovation project, Kiwi fashion designer-turned-property developer Steve Ingram couldn’t pass a large Grey Lynn bungalow that offers more than meets the eye.
The passion project has exceeded all expectations - including the budget - resulting in a prominent villa renovation comprising two fully self-contained dwellings totalling nine double bedrooms, seven bathrooms plus guest wash closet, and secure off-street parking for four vehicles.
“Heritage homes with more than five bedrooms are exceedingly rare, particularly those in such a commanding position with a view across the park,” he says.
“By maintaining flexibility in the property’s potential use, I have sought to create a win-win situation for the next chapter of its life, although I recognise there is an inherent opportunity to optimise revenue as a boutique room-by-room hotel run by someone with the necessary enthusiasm and expertise.”
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Bayleys Hotels, Tourism and Leisure Sales national director Wayne Keene says that Steve’s vision for a sprawling private residence-come-boutique accommodation opportunity has truly come to life, with demand for long-stay corporate and free independent traveller facilities reflected by strong occupancy and an attractive annual return.
“While the new owner may want to utilise the property as an expansive private dwelling or flexible stay, there is an opportunity to seek commercial accommodation status with further upside for a professional hotel operator, reflected by similar local properties achieving operating leases at $350,000 plus GST and OPEX per annum.
“Commanding an average high of $2,000 per night for the entire dwelling, the property offers better returns than a standard residential investment. It is currently operated by a local management company that directs maintenance and bookings via the property’s dedicated website.
“Demand in high season and during international events has seen the property achieve peak occupancy, and given the short supply of neighbourhood accommodation options, particularly those that provide a homely ambience that transcends the traditional hotel experience, the property has achieved premium returns.
“Visitation is favoured by corporate and family groups seeking private space in an amenity-rich location and the ability to book a floor or the whole house. A professional operator may look to increase revenue by renting rooms individually.”
Keene is marketing the property for sale via deadline with Bayleys colleague Lorraine Young, closing at 4:00 pm on Monday, 29th April 2024 (unless sold prior).
Behind the white picket fence, sweeping double verandas face east with a profile to the park, beckoning an image of an evening tipple or Saturday morning sunshine for visiting premium travellers.
“Dubbed the Village Reserve for its strategic location between the park, Grey Lynn Village, West Lynn shops and vibrant Ponsonby, the first floor features four separate bedrooms, all with ensuite bathrooms, and a modern kitchen/living zone,” Young says.
“The upper level offers five bedrooms and three bathrooms, a functional kitchen and lounge, plus a private garden deck with a unique charm and personalised touches that provide a welcoming atmosphere akin to a beloved family home.
“Family groups utilise the activity shed’s bikes and balls at the basketball court and pump track across the road, with Grey Lynn Park offering some of the best community activity facilities in the region – including a flying fox, skate ramp, playgrounds, fitness course, playing fields, and summer swimming pool.
“Our seller has taken every proactive step to future-proof the property for potential use, and in doing so, a fresh opportunity exists for a hospitality operator or committed accommodation provider to build on the current experience and take it to the next level as a landmark destination.
“The property has garnered diverse interest from private buyers and guest service providers, who recognise its potential as a premier accommodation offering. Anticipating significant attention, the well-designed layout, future use potential, and prime location amongst the city’s esteemed heritage homes contribute to its broad appeal.”
- Supplied by Bayleys
