Serepisos puts 'Wellington dress circle' houses up for sale

MAARTEN HOLL/The Dominion Post

33 PALLISER RD: A new five-bedroom, three-bathroom mansion with a rateable value of $2.1m, promoted as a blank canvas complete with "the best views money can buy".

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Millions of dollars worth of prime Wellington real estate has been put on the market by celebrity property developer Terry Serepisos.

At least six houses owned or jointly owned by Mr Serepisos in Roseneath – which real estate agents have dubbed "Wellington's dress circle" – have been advertised for sale.

All of the properties, just below the summit of Mt Victoria, offer spectacular views of Wellington city and harbour.

The houses on the market include 33 Palliser Road, a new five-bedroom, three-bathroom mansion with a rateable value of $2.1million, promoted as a blank canvas with "the best views money can buy".

A two-house property on Robieson St, beside Mr Serepisos' main residence, had a "for sale" sign fixed to its wall this week indicating that the owner would "consider any offer".

Century 21, which is marketing several properties for Mr Serepisos, said the Robieson St property had been withdrawn from the market, although it was still being promoted on the firm's website until The Dominion Post made its inquiries.

A three-bedroom house on Thane Rd, built in the early 1990s, is also being marketed by Century 21, while two three-bedroom townhouses next door, valued at $860,000 each, are being marketed directly by Century City, Mr Serepisos' property development company.

The star of TVNZ's The Apprentice and owner of the Wellington Phoenix football club, Mr Serepisos owns more than 10 properties in Roseneath.

His former partner, Ingrid Mole, owns another property next to Mr Serepisos' enclave. There is no sign that Mr Serepisos' main residence is for sale.

John Mitchell, a spokesman for Mr Serepisos, declined to comment on the particular sales, but said: "As a property developer, as a property owner, isn't Terry in the business of buying and selling property?"

On the timing of the property cycle, Mr Mitchell said: "It's entirely up to Terry when he buys and sells. That's what he does."

Using rateable value and a market valuation put on two houses by Century City, the combined value of the properties on the market is more than $5m. Rateable value is not necessarily a reflection of market value.

Total house sales in New Zealand have been well below historic averages in recent months, a fact the Reserve Bank noted this week when it indicated it would raise the official cash rate more slowly than previously forecast.

One of New Zealand's best-known businessmen, Mr Serepisos had an estimated net worth of $140m in 2009, according to the National Business Review.

Earlier this year it was revealed that Mr Serepisos owed Wellington City Council $2m in unpaid rates, which he subsequently paid with help from banks.

Promotional material for one of the properties on the market called for "bargain hunters" to come forward, while another said the vendor "wants to move on".

Joseph Lupi, who owns the Century 21 franchise in Wellington, said the terms were promotional tools used widely to generate interest and were not a sign of a forced sale. He had been given no instructions from Mr Serepisos that a sale needed to be made.

"Everybody whose house is on the market wants to sell and he's no different.

"If you flick through the Property Press you'll find those sort of terms used a lot. "Vendor has moved on", "will consider any offer", "bring all offers" – they're all standard cliche lines that you use designed to generate urgency, especially in a soft market where it's difficult to get people across the line."

Century 21 and Century City are not related companies.

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