Offers Over $535,000
3 2 1
Room to Move - City Living With Space to Spare
8A Sarah Street, Timaru
Ray White Timaru
Aerial · LINZ aerial
Unclaimed
28 Grey Road, Timaru
Timaru District
$269,000
- 3
- 1
- 90m²
- 387 m²
- House
As Is, Where Is - Renovators, Builders & Investors
Offers to be received on or before 3pm Thursday 22nd October unless sold prior.
If you're a builder, experienced renovator or investor looking for a property where you can roll up your sleeves and add value, this could be well worth a look.
Our vendor is moving on and is offering this three-bedroom property for sale as is, where is. As you might expect from a property of this age and condition, there is work to be done, including building work and attention required to the piles. Buyers should come prepared for a genuine renovation rather than simply a cosmetic makeover.
Positioned slightly elevated from the road and conveniently located within easy walking distance of Coupland's Bakery, Ara Institute and the city centre, the property enjoys good all-day sun along with pleasant mountain glimpses.
The existing layout includes three bedrooms, kitchen/dining, a generous living room with heat pump, and a large, combined laundry/bathroom. Dual access provides entry through the enclosed porch into the kitchen/dining area or from the concrete patio directly into the living room.
For investors, a current rental appraisal of $470-$510 per week suggests the potential for an attractive yield once the necessary work has been completed and the property meets all applicable rental requirements.
There's work ahead, but for someone with the skills, experience and vision, there is genuine scope to improve the property, add value and reap the rewards.
The vendor understands the condition of the property and is prepared to meet the market. All realistic offers will be considered.
Sold as is, where is. Buyers are encouraged to complete their own due diligence regarding the condition of the property and any building work required.
Open homes 1
Fri, 6 Nov12:00 pm – 12:30 pm
OwnBetter estimate
$277k
Medium confidence
We estimate it would sell for $277,000 as at 5 October 2026, in a range of $249,000 to $315,000.
Typical home in Timaru
$449k
The median of our estimates of its 155 homes
$249kLow
$277kEstimate
$280kCouncil value
$315kHigh
How we worked this out
| Council valuation, Sept 2023 | $280,000 |
|---|---|
| Market movement in Timaru District since the council valuation | +4.2% |
| Apartments and houses in Timaru District | −0.1% |
| How Timaru sells against council values | −0.9% |
| Homes of this age in Timaru | −0.6% |
| Homes in this price range | −1.4% |
| Land as a share of the value | +0.4% |
| Its own sale in 2021 | −2.4% |
| Our estimate | $277,000 |
We start from the council's rating valuation, move it by how sales in the area have moved since against their own council values, then by how properties like this one, nearby sales and its own last sale have done against the same arithmetic. Each step is an average of real sales. Tested every month against sales we had not seen: half land within about 6% of our estimate, and about 8 in 10 within the range. This is an automated estimate, not a registered valuation.
My notes
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Estimates from the floor area and typical New Zealand prices, not quotes. Power, gas and internet details from the Electricity Authority and Gas Industry Co registries and Chorus.
Investor insights
28 Grey Road as a rental
Rent estimate$410/wk$350–$470 · Little evidence
Gross yield7.7%$21,320 a year on $277k
Net yield6.3%After $3,772 of costs
Cash flow+$114/wk30% deposit, interest only at 6.00%
| Line | ||
|---|---|---|
| Price Our estimate | ||
| Deposit | ||
| Interest rate | ||
| Rent a week our estimate $410 | ||
| Property manager | ||
| Rent, 52 weeks | $21,320 | |
| Empty between tenants 2 weeks | ||
| Property management 9.2% incl. GST | ||
| Maintenance 5% of rent | ||
| Council rates this year | ||
| Landlord insurance the building | ||
| Net income before interest | $17,548 | |
| Interest $193,900 at 6.00%, interest only | −$11,634 | |
| Cash flow before tax | +$5,914 | |
| Cash flow a week | +$114 | |
| Gross / net yield on the price | 7.7% / 6.3% | |
| Return on equity cash flow on the deposit, before tax | 7.1% | |
| Loses money above this interest rate, before tax | 9.05% | |
Type over any figure, add your own lines, or add a scenario to compare.
The rent covers the interest at rates up to 9.05%. That is 7.1% a year on a $83k deposit. A guide before tax and capital growth, from our estimates; not financial advice.
Property data
- Floor area90 m²
- Land area387 m²
- Decade built1910s
- Bedrooms3
- Bathrooms1
- Property categoryUse not published
- CouncilTimaru District
- Valuation #24991-49400
- Valuation date1 Sep 2023
From the council’s rating records and the other sources noted on hover. Bedrooms and bathrooms may come from a past listing. Built is the decade the valuer records.
Title and land
Order a title record- Title numberCB317/208
- Title typeFreehold
- Legal descriptionPart Lot 10 Deposited Plan 1115
Registered instrumentsChecking the register… See the title summary →
Owner names and the parties to each instrument are not published on this page. Order the record of title to see them.
Getting around
Another agency selling this property too, or is it for rent? Import that listing and it shows beside this one.
Building consents
We hold no building consents for this property yet. The council may hold records we have not seen.
Unclaimed
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What claiming gets you
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4Everything else you ownOne search finds other titles in your name and in companies you are a director of.
Zoning and hazards
What the council's published maps say about this land. A map is a model of a storm, not a record of one: a LIM or a flood report says more.
Reading the council's maps…
What could you build here?
See whether a granny flat fits beside the house: the Building Act exemption, the national granny flat rules and the zone’s own. Then ask builders to price the shape you pick.
About Timaru
Timaru District
672
Properties on the rating roll
1 Sep 2023
Last council revaluation
Counts describe the records we hold for this territorial authority, not a market forecast. Our estimate above is automated, not a registered valuation; how it was reached is shown with it. Every council figure on this page can be checked against the council's own record.
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