A builder who spent seven years renovating a 1970s home was left speechless after he sold it at auction for $4 million.
The four-bedroom house at 26A Rutherford Terrace, in Meadowbank, went for more than $1.5 million above its CV.
READ MORE: Find out if your suburb is rising or falling
Ray White Remuera agent Michael Ataman, who marketed the property with his daughter Tatyana, says there were seven active bidders fighting to secure the home at the on-site auction on Sunday. The winning bid was from an expat family.
Start your property search
Builder Charlie Bailey spent seven years renovating the 1970s house in Meadowbank. Photo / Supplied
Owner Charlie Bailey said that the auction result was unreal. Two and a half months ago the neighbourhood was buzzing when a nearby home – also listed by Ataman - sold for $3.305 million. It was even more surprising, said Bailey, because the three-bedroom house had no development potential.
“It was a pretty amazing story back then and with us selling $1.5 million over CV, it goes to show that is not what’s on the paper, it’s when people fall in love with the place, they will pay what they want to pay just to have it,” he said.
Bailey added an extra level to the building, and added a pool as part of the major renovation. Photo / Supplied
Bailey, who is a builder by trade, said he steadily transformed house in his spare time over the last seven years.
“It took me a year to convince my wife to sell and we decided to do it so we can financially set ourselves up and do it all again,” he said.
The original 1970s build had great bones and lines which made it possible to pull off a major renovation.
Bailey said his family were now on the lookout for another original home in Meadowbank to do up.
“I can’t wait to sink my teeth into something else. I like doing things that are different and left field from what you’d normally see.”
The four-bedroom, four-bathroom home sits on the 1100sqm freehold site zoned Mixed Housing Suburban and was bought in 2014 for $1,255 million.
Bailey said that his work was proof that an original house located on a site suitable for development could be renovated instead and still make a profit.
“So many people are going in and bowling the houses and jam in developments. You can do a little bit of work and revive these homes. They are beautiful and have good shape and bones. It worked out for us. The money that we made I wouldn’t have made it on a development.” he said.
Before and after: The transformation of 26A Rutherford Terrace
