Property

Khandallah home fetches $3.5m

A large Khandallah home has sold for $3.55 million, more than twice its capital valuation and believed to be a record for a house in Wellington.

Wednesday, March 09th 2005

The five-bedroom Clive Rd home sits on a private half-hectare site with harbour views. Built in the 1930s, it has a tennis court, wine cellar and swimming pool.

Its latest capital valuation was $1.7 million.

The property was sold at tender by Bayleys. A spokesman would not comment because the sale was subject to a confidentiality agreement.

The house was sold by the Cashin family, who paid $1.1 million for it in 1991. Michael Cashin is a director of Capital Properties and Ryman Healthcare.

Quotable Value Wellington regional manager David Nagel did not know of any other homes in the region that had sold for close to $3.5 million.

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