Publicised P lab sells above CV at auction
The sale price of a well-publicised former P lab in South Auckland blew all expectations, selling at auction for $880,000 – well clear of its $855,000 2017 CV.
Julie Harris and Kim Vaireka of Century 21 Gold Real Estate in Manurewa were tasked by overseas vendors to sell 83 Station Road in Papatoetoe. The downstairs basement of the contaminated property had operated as a clandestine methamphetamine laboratory.
The two real estate agents say openly marketing the property as a former P lab attracted a lot of interest, with the auction well attended and the bidding competitive.
Ms Harris says the new buyer intends to decontaminate and renovate the existing 1930s home and develop the back section into town houses.
“All indications point to the three-bedroom home staying which is great for the neighbourhood, as it does have plenty of street appeal, attractive features, and character.”
She says the well-located 1,067sqm property is an attractive prospect for redevelopment, with affordable housing in high demand in Papatoetoe and Auckland Council’s Unitary Plan now enabling greater intensification in the area.
“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.”
Before it went under the hammer, Ms Harris said feedback on price had varied greatly, and that if the sale price at auction exceeded the property’s CV it would be a very good day.
“In the end it was a great day for the vendor, buyer, and in fact the whole neighbourhood,” she says.