170 Papanui Road, Merivale, Christchurch

Located at 170 Papanui Road, Merivale, Christchurch, this 1940s freehold property presents a unique opportunity. With a land area of 637sqm and a floor area of 260sqm, the property comprises a block of four flats, including a two-bedroom ground-floor flat with a spacious living area and three one-bedroom flats. The building, constructed with brick walls and tile roofing, is in average condition, reflecting its age and the era it was built in. The property's level contour adds to its appeal, offering a solid foundation for potential redevelopment or renovation.

The property has seen a significant increase in capital value, from $850,000 in August 2018 to $1,170,000 in August 2022, marking a 37.65% growth. The latest sale, recorded on 24th August 2023, was at $1,200,000, slightly above the HouGarden AVM of $1,150,000. This growth trajectory underscores the property's value appreciation in a sought-after location. The property's history and potential make it an attractive proposition for investors and developers alike.

Education is a key feature of this property's location, falling within the zones of highly regarded schools such as Elmwood School, Heaton Intermediate, and Christchurch Boys' and Girls' High Schools, all boasting high decile ratings. Additionally, proximity to premier private schools enhances its appeal to families prioritizing education. This property, making its market debut after 25 years, offers vacant possession and represents a rare opportunity in the coveted Merivale area, promising a bright future for its next owner.