They’re adjacent lake-facing properties at the western end of Sugar Lane by Frankton’s marina.
In the longtime ownership of the Warrington family, the first wooden home was built in about 1957 and the second, a Lockwood design with a stone coating, was added in about 1988.
Dunedin-based Donald Warrington says his dad originally leased the land from New Zealand Railways, which had an interest in nearby waterfront activities, before he got permission to buy it in 1976.
The family on-sold to council a portion of land it also owned to the east.
Warrington says they’ve had inquiries over the years about whether they’d sell, "and with the current high value of land, particularly with the marina there, we decided it was time to look at our options".
An option, he says, would be to put proceeds from a sale into a downsized holiday home.
The two sections combined are 3083 square metres with a capital valuation of $6,725,000.
They’re being listed for sale by deadline private treaty closing February 26, with parties able to buy one section or both.
Local Colliers broker Mark Simpson, who’s marketing the properties alongside colleague Rory O’Donnell, says "it’s pretty difficult to get hold of three quarters of an acre on the lakefront".
Zoned for business mixed use, "you’ve got quite a bit of leeway, it’s probably one of the broader zones".
Till now they’ve only been calling for expressions of interest, "but we’ve already had interest from a combination of developers who can see a bigger picture of anything from commercial activity to visitor accommodation, from investors who just see it as a holiday house with the ability to redevelop it, to owner-occupiers of tourism businesses because of where it’s located".
"It’ll be really interesting to see, I think it’ll be well-received and the market will tell us what it’s worth."
