A burnt-out shell contaminated with asbestos in Te Kuiti, King Country, has sold for $111,250 with the new owner planning to put down a relocatable home on the site.
The landlord of the Awakino Road / State Highway 3 property put it up for sale earlier this year after it was destroyed in a fire at the end of 2022.
The blaze ripped through the home taking off half the roof, numerous windows and the sides of the weatherboard home, the listing photos show.
A Tauranga man with links to Te Kuiti saw potential in the site and bought the property last month, Property Brokers listing agent Mary Tapu said.
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He has already cleared the 1022sqm site to make way for a relocatable home. The separate garage to the rear of the fire-damaged home was untouched by the fire.
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Tapu said there was asbestos in the building and cost estimates of clearing the site came in at around $60,000.
“All they are really paying is land value when you add up what it’s going to cost to get it into a good order to be able to build on it.”
The property has an RV of $175,000 including a land value of $155,000.
“Right now, it’s nice and clear and there’s no debris. He’s doing some good work up there – him and his digger friends.”
The Awakino Road property was bought for its land value alone. Photo / Supplied
An "as is, where is" deceased estate on Elizabeth Street in Te Kuiti has an asking price of $210,000. Photo / Supplied
Meanwhile, a run-down two-bedroom weatherboard house at 5 Elizabeth Street in Te Kuiti is being sold in an “as is, where is” condition and has an asking price of $210,000.
Tapu said it was a deceased estate and hadn’t been lived in for many years.
“It will be interesting to see what it ends up [selling for] because it’s quite in a derelict state.”
The property, which is within walking distance to Te Kuiti’s township, is being marketed as a “do-up” project that would suit someone “looking to lift their sleeves and put their hands in their pockets to make it their own”.
Earlier this year several fire-damaged properties in Auckland and Hamilton sold under the hammer achieving surprising results.
A fire-ruined house on Roscommon Road, in Clendon Park, with a $1 reserve sold for $661,000 in a hotly contested auction, while an investor paid $520,000 for a fire-damaged property on Waipapa Crescent, in Otara. The 673sqm section had two houses and a separate garage, but the large house had been destroyed by a fire and was uninhabitable.
In Hamilton, a 1920s Hamilton character home on Rifle Range Road, in Dinsdale, which was damaged in two separate fires, sold in a mortgagee auction in February for $411,000 after attracting eight bidders and 52 bids.
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