1 Eleventh Avenue, in Tauranga, is for sale with expressions of interest over $3 million. Photo / Supplied
1 Eleventh Avenue, in Tauranga, is for sale with expressions of interest over $3 million. Photo / Supplied
The 98-year-old waterfront property in Tauranga with a price tag of more than $3 million could turn into a busy densified neighbourhood.
A near-100-year-old waterfront home has hit the market with expectations that it will sell for more than $3m and start the transformation of a quiet neighbourhood.
The beautiful three-bedroom bungalow at 1 Eleventh Avenue sits on a whopping 3111sqm section on Te Papa peninsula and boasts stunning views of Tauranga harbour.
Ray White agent Ian Grindle, who is marketing the home, told OneRoof that potential buyers could benefit from Tauranga's growth plan.
"The new rules are a bit up in the air but currently you can put a separate dwelling on 325sqm but the council want to see a more intense development in this part to town, with plans currently in consultations," he said.
1 Eleventh Avenue sits on a large waterfront section. Photo/ Supplied
In October last year, Tauranga City Council approved the Te Papa Spatial Plan, a 30-year blueprint for growth along the city spine between the CBD and Greerton - an area expected to become home to an extra 15,000 people by 2050.
The plan foreshadows an estimated $536.3m in capital spending over the 10 years in the city to support the increase in population.
Built in 1920s, 1 Eleventh Avenue has been owned by the same family for 65 years.
Grindle said the bungalow can be removed or demolished if a buyer wants to free up the whole site.
"In the inner-city, multi-million-dollar houses are built next to old baches. But the baches are worth a lot of money because the land value is so high."
The three-bedroom bungalow has many of its original features. Photo/ Supplied
He said he had a lot of buyer inquiries from both locals and out-of-towners, as there was not a lot else available at the $3m price point.
"Securing a property of this scale in Tauranga compared to what you'd pay in Auckland - it's quite affordable if you want a multi-million-dollar home in a multi-million-dollar site," he said.
He said $3m wasn't out of the ordinary for Tauranga, he said, highlighting a luxury apartment at 6 Park Street that he sold last year for $2.9m.
The luxury apartment has three bedrooms, a large 53sm q deck, three car parks and was the biggest apartment sale for the area.
