Capital's most expensive section on market again

ALEX FENSOME
Last updated 05:00 18/12/2013
Telford Terrace
Cameron Burnell

PRICEY PROPERTY: An empty section on Telford Terrace in Wellington is on the market for $1.8 million.

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The most expensive patch of bare land yet to be sold in Wellington is on the market for $1.8 million.

The site at 14 Telford Tce, above Oriental Bay, covers only 531 square metres - valuing each square metre at $3389.

It was bought by Icebreaker outdoor clothing company founder Jeremy Moon in 2010 for $1.87m, but he never built the house he planned for it and decided to sell.

It is the most expensive single section to be sold in Wellington, according to property information service Property IQ research analyst Nick Goodall.

"There are a couple of sections around the city - Seatoun, Khandallah - near that amount, but they have since been subdivided, so it's very difficult to call them a single section."

Moon said he had been attracted by the sunny nature of the site and its potential. "I discovered this site running through Mt Vic one morning. It's a dream to live in the heart of the city and feel like you're on holiday. I would take the kids there to hang out and hear the native birds."

Tommy's Real Estate agent Wayne Sampson said Moon had planned a six or seven-bedroom home, which would have been truly stunning.

The plans were drawn up by Wellington architect Gerald Parsonson, and could be turned into reality by the new owners if they wished.

"It would have resulted in one of Wellington's finest homes had [Mr Moon] pushed on," Sampson said. "Hopefully, someone else will pick up the ball and run with it."

Real Estate Institute chief executive Helen O'Sullivan said a pricetag of $1.8m for a piece of land would be unusual anywhere in New Zealand, even Auckland.

"It's location, location, location. Whoever buys is going to have to do their due diligence . . . a developer may find it interesting if they could build units."

However, the existing design for a house made it an attractive proposition for a suitably wealthy individual, she said. "It's not for everyone, that's for sure."

REGIONAL LAND VALUES

Some less glamorous, sections for sale across the region:

JOHNSONVILLE

Offers over $150,000 can get you 103 McLintock St, 466 square metres with concept plans for a four-bedroom home.

STOKES VALLEY

745sqm of sloping land in Kamahi St. Inquiries over $112,000.

CARTERTON

1000sqm in Frederick St has an asking price of $84,000.

PARAPARAUMU

A 935sqm section in a private lane near Waikanae Estuary Reserve can be yours for $240,000.

CASTLEPOINT

For $150,000 you can buy 705sqm at the popular Wairarapa coastal beauty spot.

MASTERTON

An 819sqm section in Sussex St for $80,000.

This story has been updated to correct the size of the Carterton section.

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- The Dominion Post

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