'Very much a do-up': The century old Freemans Bay house with a $1.45m RV

"A very rare opportunity to purchase a totally blank canvas so close to the CBD," the listing reads. Photo / Trade Me

A century-old family home in Freemans Bay described as a "do-up" is likely to sell for more than $1 million with a rateable value of $1.45m.

The Barfoot & Thompson listing said the home was a classic example of "location, location, location".

Located on Georgina St, the three-bedroom is the home is a short stroll from Auckland's CBD waterfront.

The property is set to go to auction on August 22 if not sold prior.

"A very rare opportunity to purchase a totally blank canvas so close to the CBD," the listing reads.

"Our instructions are clear - this much-loved family home must be sold."

According to QV property data the home dates to 1910.

Nearby schools include Freemans Bay School, Ponsonby Intermediate and Auckland Girls' Grammar School.

Earlier this year a dilapidated waterfront Auckland property with a rateable value of $2.475m that was likely to sell for millions of dollars changed hands during the tender process for an "undisclosed amount".

The St Marys Rd property was purchased for £400 by the Murphy family 118 years ago.

The four-bedroom, two-bathroom house also had celebrity neighbour in the form of Deputy Prime Minister Winston Peters.