The Former P-lab/methamphetamine house at 83 Station Rd, Papatoetoe was sold this month for $880,000 by Century 21 Real Estate on behalf of an overseas vendor. Photo / Supplied
A former South Auckland P lab has sold for well above its CV.
The house, at 83 Station Rd, which was widely marketed as a former P lab, was sold to developers for $880,000.
The property has a CV of $855,000.
Century 21 Real Estate owner Derryn Mayne said it took three years to sell the old South Auckland house.
The downstairs basement of the contaminated three-bedroom property had operated as a clandestine methamphetamine laboratory and it proved to be a tough sale, Mayne said.
The house had a potential health and safety risk for the public so the buyers were not allowed to enter it.
"At the open homes people were just looking at the outside and looking through the windows," she said.
The new owners planned to restore the 1930s bungalow if possible, based on meth contamination results.
They were also planning to develop the back of the 1067sq m section into town houses.
The overseas-based vendors were "super excited" to sell the old family home for above CV, Mayne says.
"It just goes to show how valuable the land is at the moment," she said.
Real estate agents Julie Harris and Kim Vaireka openly marketed the property as a former P lab and it still attracted a lot of interest.
With affordable housing in high demand, the auction was well-attended with competitive bidding, Harris said.
"In the end the auction was fought over by two bidders. Sadly, when the first bid came in at $700,000 a number of people, hoping for a bargain, quickly found themselves out of the game. However, we're delighted with the result as this problematic property now has a bright future."
The cost soared from $580m to $924m but output capacity is up on original expectations.