About time all the millionaires came out on parade
AN ORIENTAL PARADE mansion valued among Wellington’s most expensive homes is on the market two years after its last sale.
The house at 298 Oriental Pde was bought in 2011 for $4.55 million, which was less than half the original asking price.
It went on sale in 2007 for $10m but was eventually bought by businessman Kyung Duk Chang in July 2011. At the reduced price, it was the third most expensive home sold in the capital that year.
Remax Leaders agent Pano Focas said the house had been overpriced in 2007 and needed some work.
The present owners had done extensive modernisation, includ- ing new bathrooms and kitchen, rewiring and a new roof. They had also taken out some walls to get more light to the interior.
‘‘The market at the top end has improved in recent times . . . there have been a lot more sales in that area – 290 [Oriental Pde] was sold for [around] $4.4m only a few months ago. That’s a lot smaller than this one.’’
The house is for sale by negotiation. Mr Focas said it was difficult to put a price on it because of its size and location, but the land value alone was about $2.5m.
Dating from 1928, the house was built for William Kemball, first owner of the Embassy Theatre. It has four living rooms, a library, four large bedrooms and three bathrooms, along with 425 square metres of garden and courtyard.