– Neighbours sold their earthquake-damaged properties for an extra $322,500 after an auction with 13 bidders.
– The Aikmans Road properties in Merivale, Christchurch, were sold “as is, where is” for $1.43 million.
– Harcourts agent Sean Innes said local developers valued the land and location in the blue-chip suburb.
Neighbours who joined forces to sell their earthquake-damaged properties have walked away with an extra $322,500 after an auction frenzy involving 13 registered bidders.
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The two cross-lease properties on Aikmans Road, in Merivale, Christchurch, had only been on the market for two weeks when an offer of $1.43 million pulled forward the sale.
The auction at Harcourts Grenadier last Thursday was packed, but the fight quickly became a struggle between two local developers. The knock-out blow was an extra $500 in the end.
The three-bedroom duplexes on Aikmans Road were sold “as is, where is”. Photo / Supplied
Harcourts listing agent Sean Innes said his clients were “exceptionally happy” with the result.
The properties had been damaged in the earthquake and sold “as is, where is”. The owners had decided to sell together so they could present buyers with a single 617sqm freehold section.
“They knew their properties were worth more together than individually.”
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Innes said buyers recognised the value of the land and the location. Aikmans Road was an “iconic Merivale Street” and the properties were across the road from Elmwood School and in zone for Christchurch Boys’ and Girls’ High.
“It was local developers who saw the value in the blue-chip suburbs of Christchurch.”
Innes said the sale of Aikmans Road and the $1.545m sale of a vacant section in neighbouring Cox Street had set a high bar for development land in the suburb. Both fetched more than $2500 per sqm.
A 582sqm section on Cox Street, in Merivale, Christchurch, sold for $1.545m in May. Photo / Supplied
“Merivale is undergoing a lot of regeneration at the moment,” Innes told OneRoof.
Harcourts agent John Fulton, who sold the Cox Street section, told OneRoof in May that vacant land in Merivale was highly prized by developers.
The 586sqm Cox Street section was bought by downsizers who had been unable to find an existing house that met their needs and decided to buy the section to build their next home. They fought off a developer who wanted to build two high-end homes on the section.
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