Old garage fetches way above RV

A run-down garage in the upmarket central Wellington suburb of Kelburn has sold for well above its $50,000 rateable valuation (RV) after attracting ‘‘huge’’ interest from potential buyers.

The Ngaio Rd garage sold at tender last Friday and was described in its listing as needing a new roof and walls. Listing agent Stuart Gray, of Ray White, said the sale price was confidential but confirmed it sold for ‘‘well in excess’’ of the RV.

Gray said the small land area of 95 sqm caught the eye of tiny home enthusiasts keen to know if they could build on the site.

‘‘At 95 sqm including the garage it certainly sounds feasible but the land is a challenging shape and we really do not know so requested that any prospective purchaser will need to do their own due diligence,’’ Gray said.

He fielded as many as 100 genuine inquiries from interested parties, with about a dozen tender offers received.

While he was unsure of the new owner’s plans for the site, Gray said some potential buyers had been interested in building a home with a ‘‘very small carbon footprint’’ and several others ‘‘just wanted a garage close to the city’’.

The sale was the first of its kind for Gray. ‘‘I have not sold anything similar in the 26-plus years that I have been doing real estate and was surprised by how many people are keen to look outside the square to these really small parcels of land.’’

The Kelburn site was not the first tiny property to go on the market in New Zealand. In 2017, a historic boatshed in central Auckland was put on the market for $700,000.