The run-down villa on Auckland's Franklin Road sold this week for $1.125. Photo / Dean Purcell
The run-down villa on Auckland's Franklin Road sold this week for $1.125. Photo / Dean Purcell
An investor who bought a huge parcel of land on Franklin Rd six months ago for $25 million has snapped up a neighbouring run-down villa - described by its agent as a "site for sore eyes" - for just over $1m.
The developer behind the purchase of the weatherboard villa on one of New Zealand's best-known streets had no immediate plans for the pre-1914 home - apart from perhaps "sprucing the place up".
The property at 105 Franklin Rd, Freemans Bay, one of the closest residential houses to central Auckland, sold for $1.125m at an auction on Wednesday night.
The four-bedroom home, with a view of the Sky Tower from the back garden, was bought by Franklin Capital 111 Ltd.
The Franklin Road villa was purchased by the same company that owns the glass-clad building next door. Photo / Dean Purcell
The same company purchased three large commercial buildings adjacent to the house in April 2018 for just over $25m.
Cary Bowkett from Franklin Capital 111 said representatives went along to the auction with an idea of what they wanted to pay. And their post-auction offer was accepted.
The woman who owned the property for the past 65 years recently moved into residential care.
"We have long-term tenants in our other buildings so have no plans, no immediate plans at all, for any of the properties," he said.
"We might spruce the place up a bit, we really don't know yet."
In his advertising for the property, LJ Hooker agent Wayne Espie described the run-down house on the well-known leafy road as "a rare postage stamp of Auckland's most sought after 'dirt'."
Property records show that Franklin Capital 111 owns 4693sq m of property, with commercial buildings sitting on the surrounding "sought after dirt".
Commercial buildings at 111 Franklin Rd and 5 and 9 Wilkins St, Freemans Bay, are owned by the company.
They were previously owned by Zintel Group founder Nick Gordon, the entrepreneur who introduced 0800 word-numbers to New Zealand.
The green weatherboard villa is one of the closest residential houses to Auckland's city centre. Photo / Dean Purcell
The properties are flanked by terraced houses and the Northern Motorway.
The purchase of 105 Franklin Rd takes the area up to nearly 5000sq m.
The house, at the city end of the street famous for its Christmas lights, has terraced housing options under the Unitary Plan.
Top criminal lawyer Marie Dyhrberg QC sold three of the five villas she owned on Franklin Rd in 2017.
The purchaser of the run-down villa said there were no plans for the property. Photo / Dean Purcell
The row of character villas are directly opposite the house at 105 Franklin Rd.
