A nine-bedroom villa that earned more than $200,000 last year on Airbnb has hit the market again, and the owner is willing to cut the price by more than $1 million to get it sold.
Developer Steven Ingram told OneRoof he was looking for someone who’ll pay close to $4m for his two-storey property at 58 Dryden Street, Grey Lynn, well below the 2022 registered valuation of $5.1m.
The property, dubbed The Village Reserve, has been on and off the market since 2020, with Ingram telling OneRoof he turned down an offer of $3.5m earlier in the year.
The developer specialises in renovating older properties and turning them into high-end accommodation. He picked up the run-down villa opposite Grey Lynn Park in 2019 for just under $2m and gave it a high-end makeover and a new life on Airbnb.
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Rooms and floors are listed on the short-term letting site at a range of prices, but the whole house brings in up to $2000 a night, Ingram told OneRoof.
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Ingram said. “Most bookings are from people travelling together who want their own room, and private ensuite. Most bookings are for the whole house and for nine people or less.”
The home is also available for long-term rent at $4800 per week.
Ingram said it suited him to sell the Grey Lynn property because he had projects on the go in Taranaki, Taupō, and a house to build on Waiheke Island (when he spoke to OneRoof, he was in Taranaki and in the midst of buying an old motel for renovation).
The property is listed with Re/Max owner Don Ha, who told OneRoof he had experience selling similar accommodation properties. “I sell a lot of hotel units and boarding houses that have similar income,” Ha told OneRoof. “My client base is more in that investor space and also large families.”
The villa, known as the Village Reserve, is rented out on Airbnb. Photo / Supplied
The property is being sold fully furnished. Photo / Supplied
He said the property could suit an owner-occupier looking for a large family home or an investor looking for a steady income stream.
“The buyer has the option to continue running it as a luxury Airbnb lodge, which is getting up to $2000 a night. And you can have corporate bookings up to $10,500 a week, which is quite a lot of money.”
The home is being sold fully furnished and comes with off-street parking for four vehicles and is close to public parking. “So parking is not an issue for a wedding or corporate event at the house,” Ha told OneRoof.
Ingram’s Grey Lynn home hit the headlines in 2022 when a neighbour complained that it had become a noisy party house.
“I’ve developed the property to be a beautiful place for people to stay,” he told the New Zealand Herald at the time. “We would never want raging parties there because of wear and tear and the impact on the neighbours.”
He added: “Our online accommodation listings warn people of noise monitors, and guests are told we have a $500 fine if a security guard is called to evict guests on a third alert. We have not needed to do this.”
- 58 Dryden Street, in Grey Lynn, Auckland, is for sale by negotiation
