Wairarapa heritage home under contract
A historic Greytown boutique home and income looks like it’s been snapped up for a song.
The property was under contract to an American couple who will live in it as a home, and let out its three luxury suites as accommodation for well-heeled holidaymakers to spend time in the beautiful Wairarapa wine country.
Briarwood was built in the 1870s, a decade in which deer were first released into the wild, railways were under construction, the first rugby match was played on these shores, telegraphs were strung between New Zealand’s main cities, and the New Zealand Wars ended.
Real estate agent Chris Gollins, from Gollins Commercial, said there had been interest in the registered heritage building, and fivestar Qualmark accommodation business, from all over the country.
The buyers, who were under contract for just under $1.4 million, had the opportunity to drive an uplift in Briarwood’s capital value, as the current owners had not maximised the income they got from the accommodation.
‘‘They could have driven the business harder,’’ Gollins said.
Only renting the suites out during part of each year had had an impact on Briarwood’s turnover, which some potential buyers had found off-putting.
‘‘Potential buyers were disappointed with the turnover, but the turnover wasn’t the owners’ priority,’’ Gollins said. ‘‘Lifestyle was their priority.’’
Owners wishing to maximise their sale price should begin planning the sale months, if not a year in advance, just as people selling businesses do.
Often, business brokers would have a relationship for more than a year with owners who wished to sell their businesses, advising them on how to get them into a sale-ready state.
Gollins encouraged sellers of commercial property to adopt a similar approach.
‘‘It gives us time to think about how to present a property, and how to maximise the value,’’ he said.
This included ensuring the best lease arrangements were in place, and there was time for work to be done that could lift the sale value.
People had inquired from all over the country about Briarwood, including Aucklanders turning a jealous eye on what $1.4 million buys outside of Auckland.
Gollins recalled seeing the sale of a state house in the pleasant cityfringe Auckland suburb of Point Chevalier for $2m.
Briarwood was not a commercial property in the strict sense. It had two buildings: the main 1870s home, and a second, smaller home. They were linked by formal, private gardens.
The asking price was $1.375m. The home on Greytown’s Main St had had many uses in its 150-year history.
It was originally the town house of the Bidwell family, but over the years fell into a state of disrepair, only being rescued and restored in the 1960s first as the Turkey Red art gallery (named after the owner’s favourite paint colour), before becoming the Turkey Red restaurant and cafe.
It was converted into luxury accommodation in 2004.