A local developer stands to reap a substantial reward from his investment with the sale of four-lot subdivision in Gisborne.
CoreLogic records show the buyer paid $1.1 million for a three-bedroom house on a 5033sq m block at 169 Willowbank Rd in October last year.
Since then, he subdivided the property into five lots, including four that have just hit the market priced from $435,000-$475,000 each.
If they sell for a total of $1.805 million, the buyer will nearly double his investment in one year.
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Raine & Horne’s Cherie Graf said she expected the blocks to generate strong interest because of their location and rarity.
“Residential blocks in Gisborne are as rare as hens’ teeth,” she said.
“And these will be sought-after because of they are within walking distance of the township.”
Varying in size from 905sq m to 1012sq m, the vacant allotments with established trees and services are a short walk from schools, shops and sports grounds.
“They are perfect to accommodate dream homes,” Ms Graf said.
The original house of the fifth allotment which is presently not for sale.
Ms Graf said the fifth 1236sq m block that contained the original house was not for sale at present.
Named Iramoo, the house had been home to the same family for 37 years and was tenanted.
It has multiple living areas with raked ceilings and comes with ample sheds, a cellar room, dog run and chicken shed.
It nestles in a spring garden of colourful bulbs, rhododendrons, camellias, proteas and fruit trees.
SUBURB PROFILE: GISBORNE