100-Year-Old New Zealand Mansion Lists For $8.2 Million
The home is one of the largest historic homes in the Wellington suburb of Khandallah, and boasts a 4,000-bottle wine cellar
The home is one of the largest historic homes in the Wellington suburb of Khandallah, and boasts a 4,000-bottle wine cellar
One of the largest historic and most recognisable homes in a suburb of Wellington, New Zealand, has hit the market for NZ$9 million (A$8.2 million).
Located in Khandallah, about 8km north of Wellington, the 720sqm residence was designed by a prominent local architect Joseph Dawson and completed in 1929.
“It retains a high level of exterior authenticity in design, craftsmanship and materials,” according to Wellington Heritage, a local preservation group. “This house has significant townscape values; it is a local landmark that contributes greatly to the character and sense of place in Khandallah.”
Known as Box Hill, the Neo Georgian-style abode is also significant because it was built for local luminary Robert Barnes Gibbons. He was a car importer for the Colonial Motors Company, and the first to bring the Ford brand to New Zealand, according to Anthony Morsinkhof of PQ Property Intelligence/Forbes Global Properties, who listed the property earlier this month.
“It is one of the largest historic residential properties in Wellington,” Mr. Morsinkhof said in an email. “Khandallah is close to Wellington [central business district], with extraordinary views of the harbor…it is considered one of the most prestigious suburbs of Wellington.”
The five-bedroom, five-bathroom mansion has been a popular spot for social gatherings over the years, the agent added. It features an entrance hall clad in Queensland maple—a local species also known as red beech—with a grand staircase, and oak-paneled reception rooms and surrounding park-like grounds, according to the listing. There’s also a dining room that can seat about 100 guests.
“The icing on the cake in the entertainment realm is to discover that Box Hill is blessed with one of the best private home wine cellars, with capacity for 4,000 bottles stored in humidity and temperature-controlled conditions,” according to the listing.
The home last sold in 2006 for NZ$1.85 million, according to records with Propertyvalue, CoreLogic’s property website in New Zealand. The sellers were not immediately available for comment.
Wellington’s luxury housing market slipped in the first quarter of 2022, according to Mr. Morsinkhof. Both the number of transactions and the prices have dropped, with the median price of a home priced over NZ$3 million falling to NZ$3.3 million, compared to NZ$4.23 million at the same time last year.
“The Covid outbreak peaked in this period and many people were—due to isolation requirements—not able to leave their homes and buy or sell property,” Mr. Morsinkhof said. “However, since the loosening of Covid restrictions at the end of March we are seeing significant increase in inquiries for high-end property.”
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Savvy high net worth players from Australia and Asia are getting on board as the residential landscape shifts
Build-to-rent (BTR) residential property has emerged as one of the key sectors of interest among institutional and private high-net-worth investors across the Asia-Pacific region, according to a new report from CBRE. In a survey of 500 investors, BTR recorded the strongest uptick in interest, particularly among investors targeting value-added strategies to achieve double-digit returns.
CBRE said the residential investment sector is set to attract more capital this year, with investors in Japan, Australia and mainland China the primary markets of focus for BTR development. BTR is different from regular apartment developments because the developer or investor–owner retains the entire building for long-term rental income. Knight Frank forecasts that by 2030, about 55,000 dedicated BTR apartments will have been completed in Australia.
Knight Frank says BTR is a proven model in overseas markets and Australia is now following suit.
“Investors are gravitating toward the residential sector because of the perception that it offers the ability to adjust rental income streams more quickly than other sectors in response to high inflation,” Knight Frank explained in a BTR report published in September 2023.
The report shows Melbourne has the most BTR apartments under construction, followed by Sydney. Most of them are one and two-bedroom apartments. The BTR sector is also growing in Canberra and Perth where land costs less and apartment rental yields are among the highest in the country at 5.1 percent and 6.1 percent, respectively, according to the latest CoreLogic data.
In BTR developments, there is typically a strong lifestyle emphasis to encourage renters to stay as long as possible. Developments often have proactive maintenance programs, concierges, add-on cleaning services for tenants, and amenities such as a gym, pool, yoga room, cinema, communal working spaces and outdoor barbecue and dining areas.
Some blocks allow tenants to switch apartments as their space needs change, many are pet-friendly and some even run social events for residents. However, such amenities and services can result in BTR properties being expensive to rent. Some developers and investors have been given subsidies to reserve a portion of BTR apartments as ‘affordable homes’ for local essential services workers.
Ray White chief economist Nerida Conisbee says Australian BTR is a long way behind the United States, where five percent of the country’s rental supply is owned by large companies. She says BTR is Australia’s “best bet” to raise rental supply amid today’s chronic shortage that has seen vacancy rates drop below 1% nationwide and rents skyrocket 40% over the past four years.
Ms Conisbee says 84 percent of Australian rental homes are owned by private landlords, typically mum and dad investors, and nine percent are owned by governments. “With Australia currently in the midst of a rental crisis, the question of who provides rental properties needs to be considered,” Ms Conisbee said. “We have relied heavily on private landlords for almost all our rental properties but we may not be able to so readily in the future.” She points out that large companies can access and manage debt more easily than private landlords when interest rates are high.
The CBRE report shows that Asia-Pacific investors are also interested in other types of residential properties. These include student accommodation, particularly in high migration markets like Australia, and retirement communities in markets with ageing populations, such as Japan and Korea. Most Asia Pacific investors said they intended to increase or keep their real estate allocations the same this year, with more than 50 percent of Australian respondents intending to invest more.
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This stylish family home combines a classic palette and finishes with a flexible floorplan