Four neighbouring homes on one of Wellington's wealthiest streets have been listed for sale – but real estate agents have told OneRoof that their appearance on the market at the same time is just a coincidence.
Three of the character villas for sale on McFarlane Street, in Mount Victoria, are next door to each other, while the fourth is located several homes down on the other side of the road.
All four homes have clear views of the harbour, and together have a combined rateable value of more than $18 million.
But buyers maybe able to get them for less. One of the homes for sale, at 48 McFarlane Street, with a 2021 RV of $6m, is seeking buyer enquiries over $3.95m, despite the fact the owner bought it for $5.5m just over two years ago.
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Lowe & Co listing agent Mike Robbers said the owner of the four-bedroom, three-bathroom home, which hit the market last week, had signed off on giving serious consideration to offers above $3.95m.
“When they bought the property, [it] was the peak of the market, so they are just a very realistic owner,” he said.
The owner had recently completed renovation of a smaller property nearby and plans to move there.
The 130-year-old property has a chequered history and was previously owned by convicted accountants David Rowley and Barrie Skinner, who were found guilty in 2012 on 110 counts of tax fraud, and attempting to pervert the course of justice.
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It was then sold in a mortgagee sale without a kitchen, missing bathroom fittings, and stripped floorboards.
A Wellington businessman snapped up the property for $1.35m and carried out a “stunning top-to-bottom renovation”, including installing a new entertainer’s kitchen and three marble bathrooms.
It has changed hands several times since then including to the current owner who had once owned and lived in the home before Rowley and Skinner took possession.
Robbers said it was a stunning property that was rebuilt seven years ago, and has “jaw-dropping views” overlooking Oriental Bay.
“It’s quite a unique position and if you didn’t pop up into that living room you just wouldn’t know that view is there. That’s the selling feature – an unmatched view.”
Also on the market are the villas next door.
The three-bedroom house at 46 McFarlane Street was listed on April 26, with Tommy’s agents Tommy Prescott and Tim Clark, and is seeking enquiries over $2.595m. It has a 2021 RV of $4.02m and, according to OneRoof records, it last changed hands in 2019 for $2.64m.
The four-bedroom character home for sale at 48 McFarlane Street, in Mount Victoria, Wellington, is seeking buyer enquiries over $3.95m. Photo / Supplied
The three-bedroom house next door, at 46 McFarlane Street, Mount Victoria, (centre house) is seeking enquiries over $2.595m. It has a 2021 RV of $4.02m. Photo / Supplied
Listed on May 15 with Tommy's agent Iain Stewart is the four-bedroom home at 44 McFarlane Street. It is seeking enquiries over $4.795m and has a 2021 RV of $4.53m. According to OneRoof records, it last changed hands in 2016 for $2.25m.
On the other side of the road is 31 McFarlane Street, in Mount Victoria, which is listed with Tommy's agent Phil Mears and is seeking enquiries over $3.5m. It has a 2021 RV of $3.65m.
All four properties are close to the heritage-listed St Gerard’s Church and Monastery, which sold at the end of March for an undisclosed price after being listed on OneRoof with a declared RV of $16.9m.
OneRoof understands the monastery has been purchased by a developer linked to a luxury hotel brand.
Robbers said it was a “total coincidence” that the properties were all for sale at the same time and had nothing to do with the monastery sale, which had been earmarked for some time.
“We know the reason for this sale and we know the reason for the one next door – neither of those have got anything to do with the monastery. And the other one has been for sale well before the monastery was even for sale, and the [fourth] one down is far enough away that it wouldn’t be overly impacted by anything happening at the monastery so it’s just a complete fluke really.”
44 McFarlane Street, in Mount Victoria, is also for sale and is seeking enquiries over $4.795m. It has a 2021 RV of $4.53m. Photo / Supplied
For sale on the other side of the road is 31 McFarlane Street, in Mount Victoria, which is seeking enquiries over $3.5m. It has an RV of $3.65m. Photo / Supplied
Tommy’s sales director Tim Clark said it was unusual to have so many properties for sale on what is regarded as one of Wellington’s best streets.
“Essentially each of the three owners that we have, have their own perfectly valid reasons for moving on and they are all quite different from each other. It’s just a coincidence – 44 has been renovated and 46 is a renovation project.”
The street is usually tightly-held so it is a good opportunity for buyers, he said.
McFarlane Street is one of Wellington's premium streets, Clark added, along with Brougham Street in Mount Victoria, Oriental Parade in Oriental Bay, The Crescent in Roseneath, and Central Terrace in Kelburn.
“At one point a long time ago, it was the most expensive street in Wellington, and it’s certainly noted to be one of the very best streets in Wellington. Its location is amazing, its views are amazing, the sun is amazing so there’s lots to like about it.”
The longer but equally sought-after Brougham Street, which recorded an impressive $5.1m sale at the end of last year, currently has five properties for sale on it including number 25, 91, and 100 Brougham Street.
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