Landmark Christchurch Property Hits Market in “As Is” State
A once-grand residential property in the Christchurch suburb of Cracroft is set to change hands, as the derelict home at 345 Worsleys Road heads to auction. After sitting vacant for approximately a decade, the site is being sold “as is, where is” following the death of its owner.
A Fallen Landmark
Built about 50 years ago, the three-bedroom house was once a standout residence in the area, characterized by a distinctive roofline that made it a local landmark. However, the property has suffered from significant neglect in recent years. Listing photos reveal a stark decline: the two-storey structure features boarded or smashed windows, graffiti-covered exterior walls and a deck overtaken by weeds.
Harcourts listing agent Matthew Loose, who previously managed the sale of a neighbouring 4ha block for the family, noted that while the home would have been one of the best in the neighbourhood in its heyday, it has since reached a point where it is “extremely rundown.”
Market Context and Potential
The 4220sqm property carries a rateable value (RV) of $1.23 million. Despite the condition of the dwelling, the land remains in a sought-after location. According to Loose, the hill suburbs of Cracroft, Cashmere, and Kennedy’s Bush continue to attract interest due to their combination of good schooling, scenic views, and relative value compared to suburbs like Merivale, and Fendalton.
While the agent acknowledged the difficulty in pricing an “as is” property, he anticipates the final sale price may align closer to the site’s land value of $580,000.
The Path Forward
Given the state of the existing house, the property is unlikely to appeal to those seeking a move-in ready residence. Loose described the listing as “not for the fainthearted,” noting that any potential buyer would need significant expertise to manage a renovation.
Instead, the most likely outcome is that the property will be purchased for its land. Most prospective buyers have expressed interest in utilizing the relatively flat sections and available building platforms to clear the site and build a new home from scratch. Interested parties will have their opportunity to bid when the property goes to auction on June 11.
