Christchurch northern fringe property sells 40 per cent above government valuation
March 2024

Christchurch northern fringe property sells 40 per cent above government valuation

Wally Vaughan was born on the family farm, Beaconsfield in Woodend, North Canterbury in 1941, 26 years after his grandfather Henry Vaughan purchased the property, initially to farm sheep and beef.

Following on from Henry and his wife Harriet, then Wally’s parents Harry and Nonnie, Wally began farming there in the early 1960s, focusing on dairy as his father had. Wally took over Beaconsfield on his own account in around 1965. Having farmed the land all his life, watching the roads around the northern fringe of Christchurch becoming busier, Wally was ready to wind down. With no family members motivated to take it on, Wally needed to sell Beaconsfield, so brought in Nick Rattanong of PGG Wrightson Real Estate, Rangiora.

LRC Aut 24 - Chch fringe - talking

“After a part of the farm was sold in 1995, what’s left now amounts to slightly more than 16 hectares, divided into two approximately even sized titles, albeit one title, including the original farmhouse with various sheds and garages plus an old dairy shed, is zoned as rural land, while the remaining portion is zoned prime Residential 4A,” says Nick.

That zoning gave Beaconsfield premium value for development, as Nick quickly realised.

LRC Aut 24 - Chch fringe - pointing with stick

“Even before it properly went on the market, we found an enthusiastic buyer. In fact, we found several, though one was particularly motivated.

“Our buyer is a developer from Selwyn, who expects a better return from Waimakariri than from a similar project to the south or west of Christchurch. He has purchased neighbouring property. He is counting on being able to reclassify the rural zoning across half of the property, which will enable subdivision of the farm,” he says. 

After four days of negotiation, the purchaser and vendor agreed on a price that was approximately 40 per cent above the property’s present government valuation.

LRC Aut 24 - Chch fringe - old image LRC Aut 24 - Chch fringe - new photo

“While nearby Woodend Beach has not yet been fully developed, other formerly rural properties in the vicinity have, and the land use is changing. Since the motorway extension was completed, the proximity of this area to Christchurch, within easy reach of the city, provides outstanding opportunities for anyone seeking to develop a residential estate. 

“In terms of the value we have been able to achieve for him, Wally’s timing with this sale was excellent,” says Nick.

Explore similar articles in our most recent edition of the Lifestyle & Residential Collection.

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