A Christchurch man who paid $49,500 for a bungalow in the central city 40 years ago could be in line for a payday of close to $1 million.
Harcourts agent Lydia O’Loughlin said her vendor had, over the years, turned down multiple offers for 25 Salisbury Street.
Despite new developments popping up around it, the rundown 1910s bungalow has been sitting empty since the earthquakes.
O’Loughlin told OneRoof that the property was well known in the city. “People would know this one. Anyone in Christchurch driving around would know this one.”
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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 looking for over $900,000, with the RV just over $1m.
The property at 25 Salisbury Street has not been lived in since the earthquake in 2011. Photo / Supplied
A neighbouring renovated 1800s villa at 20 Salisbury Street is for sale for $2.499m. Photo / Supplied
O’Loughlin told OneRoof that original, “as is, where is” properties were becoming harder to find, especially ones so close to Hagley Park and the central city.
She said the listing had already stirred up 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.”
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Across the road, at 20 Salisbury Street, is an example of what a dream home could look like. The landmark villa listed for sale has an asking price of $2.499m and a quality finish.
Harcourts agent Johnny Nicholls said a couple with an “eye like few others for construction, design and detail” 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.
Nicholls expected the four-bedroom, two-bathroom property to have wide appeal because there were few prestige villas left in the central city.
– 25 Salisbury Street, in Christchurch Central, goes to auction on October 22