Home for sale $1.25m below GV

A price has been put on the former Hikurangi rest home in Wanganui and it is well under Government valuation.

The property features an original two-storey homestead and neighbouring residential units.

It has a GV of $2million, but is being offered on the open market for $750,000.

The rest home closed in June, the home's trust board citing financial difficulties.

Under terms of the trust deed, any money must be distributed to like-minded organisations in the city before being dispersed to other areas.

Bob Davies, commercial sales specialist with Bayleys Real Estate, said the property had been put out to tender but failed to attract meaningful bids. "We had a bit of interest shown but not enough to get buyers to put pen to paper," Mr Davies said.

"But the decision to now market it with a price of $750,000 has certainly rekindled interest." He said four parties were showing strong interest in Hikurangi and some of them would be looking at the property again in the next week or two.

"At $750,000 this is now as cheap as chips," Mr Davies said.

"Even if a buyer retained the homestead, they could bowl the other buildings and subdivide the land," he said.

In August the property, at the base of Bastia Hill in Anzac Pde, was promoted in a worldwide marketing campaign. It was being offered for sale by tender, with a deadline of October 5. At the time Mr Davies told the Chronicle it was difficult getting an accurate price on such a property "so it's a matter of letting the market decide".

Hikurangi included the original two-storey homestead and other units providing about 40 beds and most of the rooms had ensuites.

The complex included a commercial kitchen, dining room and laundry.

While the property operated as a rest home, it was zoned residential.