Not exactly, but the property on the Park St/Brisbane St corner it’s leased for 20-plus years — on the doorstep of the CBD — has just sold for $4,080,000.
Happiness House - which offers free food, low-cost clothes, advocacy and spaces for social connection - must vacate the premises.
The community support centre’s lease still runs till October 2028, but its trustees are already looking for new premises, preferably in Frankton.
This same property sold at auction nine years ago for $2.213 million, which, at 693 square metres, equated to $3193 per sq m.
This latest sale represents $5887 per sq m.
With a four-bedroom house, 4 Park St’s CV is $3.65 million, of which $3.325m is in land value.
Local Ray White salesperson Pieter Werbrouck, who marketed the property alongside colleague Hitesh Talreja, says its recent rezoning, allowing potentially greater height and density, was attractive to developers.
However, the Australian buyer’s not a developer — "they bought it, really, as a land-banking opportunity".
Werbrouck says most of the 30-plus inquiries were from Australia.
"That area of town, so close to the CBD, has become a very desirable pocket of town for Australian buyers."
Though Brisbane St residential property’s very tightly held, there’s been a bit of activity of late.
In an off-market transaction, 17 Brisbane St — a 632sq m property known as ‘The Stables’ for its historic stone building up against the footpath — recently sold for $4.1m to a local buyer with existing central Queenstown residential interests.
The deal was brokered by local Dominion Real Estate agent James O’Hagan.
Local Bayleys agents Mark Martin and Semanie Cato are marketing 3 Brisbane St — a 492sq m property with a recently-renovated three-bedroom residence — which goes to auction tomorrow.
And local NZ Sotheby’s International Realty agent Megan Osborne is marketing 7 Brisbane St — described as an "exceptional" four-bedroom home on a 713sq m site — with a deadline sale closing July 29.
