-
Bill and Christine Hennah - Source: Close Up -
Related
Want to be a mayor and don't care where? Want to escape the rat race, the corporate stress?
For the price of an Auckland home in one of the flasher suburbs, you can own the whole West Coast town of Otira, complete with a pub, a railway station, a fire station and 14 tenanted houses.
Bill and Christine Hennah bought the rundown town in 1998, but now they're selling it all for $1.5 million.
Christine told TV ONE's Close Up programme there's some work to be done, but it's still a huge bargain.
"It would be a lifestyle choice. There's some work still to be done, but we've done most of it... it's probably only titivating it up now."
Twelve years ago, Bill and Christine paid $80,000 for the lot. But factor in the property boom and now they're asking for $350,000 just for the pub.
The village developed when the Otira railway tunnel was opened, and during its heyday it was home to about 600 workers and their families
Back in the 1950s even the Queen came to Otira, it was a thriving railway town with a population of about 350.
But when Bill and Christine brought the town there were only 11 residents.
Now, there are 44 locals, and 14 of the 18 houses are rented at around $120 a week.
"If you took the 14 houses, you took the 14 amounts of rent that there is and you added a nought to the end of it and multiply by 10, that's what a real estate agenst would says it's worth," says Bill.
Bill's done some renovations, but he's slowed down since the local bull got to him and broke his shoulder.
"If someone bought it and sold a house, and got paid cash for it, they're laughting," says Bill.
So if you love a quiet life and the outdoors, Otira could be for you.
Latest NZ News Video
-
Kiwi speaks to TVNZ7 from Everest base camp (1:59)
-
Immigration advisor Bill Milnes discusses claims (4:34)
-
Dance to save Shakti service (0:41)
