1/33 Somerset Crescent, Spreydon, Christchurch

Located at 1/33 Somerset Crescent, Spreydon, Christchurch, this residential property presents a unique opportunity for those willing to undertake a significant renovation project. Built in 1976, the home features 3 bedrooms, 1 bathroom, and a single carpark, with a floor area of 98 square meters. The property is constructed with concrete walls and tile roofing, both in good condition, and sits on a level cross-lease land. Despite its challenges, including the need for extensive repairs due to tenant damage and the absence of bathroom fixtures, the property's solid structure and the absence of shared living walls offer potential for a rewarding transformation.

The property has seen a notable increase in capital value, rising from $300,000 in August 2019 to $420,000 in August 2022, marking a 40% growth. The latest sale was recorded on February 20, 2024, for $334,000, slightly below the HouGarden AVM of $412,500. This discrepancy highlights the property's potential value post-renovation. The property's history and the need for substantial work are reflected in its description, emphasizing the opportunity for a significant return on investment for those ready to take on the challenge.

Education is a key feature of this property's location, with access to a range of schools including Villa Maria College, St Thomas of Canterbury College, Middleton Grange School, Hillmorton High School, Christchurch South Karamata Intermediate, Addington School, Hillview Christian School, Christchurch Adventist School, and Hagley Community College. These schools span various deciles, offering a wide range of educational opportunities for families. The property's position within these school zones adds to its appeal, making it a worthwhile project for those looking to create a family home in a well-serviced area.