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 villaon 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.
