A man who paid $49,500 for a bungalow in central Christchurch 40 years ago could be in line to sell it for close to $1 million.
Harcourts agent Lydia O’Loughlin said her vendor had turned down multiple offers for 25 Salisbury St over the years.
Despite new developments springing up around it, the rundown 1910s bungalow has sat empty since the earthquakes.
O’Loughlin told OneRoof the property was well known in the city.
“People would know this one. Anyone in Christchurch driving around would know this one.”
She added: “I think he (the owner) always imagined he would build his dream house there because he loved the location; he loved being close to the city and the life of the city. But he doesn’t live there, so it’s now time to sell.”
O’Loughlin, who is marketing the property with colleague Hayden Roulston, indicated the vendor was seeking more than $900,000. The rating valuation (RV) is just over $1m.
The property will go under the hammer on October 22.
O’Loughlin told OneRoof original, “as is, where is” properties were becoming harder to find, especially ones so close to Hagley Park and the central city.
The listing had received a lot of interest from both investors and owner-occupiers, as well as overseas buyers, including some based in London.
“The majority of people we’ve got looking at it are either looking to put a couple of really high-end properties on it, or interestingly we’ve got people looking to buy for themselves and build just one beautiful house on it,” she told OneRoof.
Across the road, at 20 Salisbury St, is an example of what a dream home could look like. The landmark villa listed for sale has an asking price of $2.499m.
Harcourts agent Johnny Nicholls told OneRoof a couple purchased the property 10 years ago and had painstakingly restored the villa from the ground up.
They were now selling it because they had committed to a new project.
-Allied Media