Key Takeaways
- The 125-year-old McLean’s Mansion in Christchurch has been sold after being listed for sale due to a lack of funding for its restoration.
- The mansion, which sits on 5005sqm of land, could fetch over $7 million once renovated.
- The property has been 90% restored, with the majority of the renovation work already completed.
- The sale of the mansion will help repay loans, with any leftover funds being channelled into the arts.
- The new owner of the property has not been disclosed.
Introduction to McLean’s Mansion
McLean’s Mansion, a 125-year-old landmark building in Christchurch, has been sold after being listed for sale by disgraced rich lister James Wallace. The property, which has been 90% restored, attracted significant buyer interest and could fetch over $7 million once fully renovated. Bayleys agent Jesse Paenga announced the sale of the historic building on his website just before Christmas.
Background of the Sale
The mansion was listed for sale in May due to a lack of funding for its restoration. James Wallace, who was found guilty of indecently assaulting three male victims and attempting to pervert the course of justice, had planned to restore the property but was unable to secure the necessary funding. The McLean’s Mansion Charitable Trust, which was formed to save the building after it was damaged in the Christchurch earthquakes, sought a buyer who would appreciate the heritage value of the building and complete the restoration work.
Features and Potential of the Property
The mansion, which sits on 5005sqm of land on Manchester Street in central Christchurch, has the potential to be used for various purposes, such as an art gallery, boutique hotel, corporate headquarters, museum, luxury retreat, or private institution. Much of the renovation work has already been done, with the trust having completed 90% of the restoration. The property’s RV is $4.86 million, and agent Jesse Paenga believes it could fetch "north of $7 million" once fully renovated.
Interest in the Property
The property attracted a significant amount of interest from potential buyers, including local groups and trusts. Trust member Mike Edward expressed his hope that the new owner would have a propensity for the arts and continue with the original plan to turn the mansion into an art gallery space. The trust had invested heavily in the restoration of the property, with the majority of the funding coming from James Wallace’s wealth.
Christchurch’s Stately Homes
Many of Christchurch’s stately homes were damaged or destroyed in the 2010 and 2011 earthquakes, making properties like McLean’s Mansion rare and highly sought after. Harcourts agent Cameron Bailey, who specializes in high-end homes, noted that these types of properties are often unique and homely, making them highly desirable to buyers.
Conclusion
The sale of McLean’s Mansion marks the end of a long and complex restoration process. The new owner of the property will have the opportunity to complete the restoration work and bring the mansion back to its former glory. The sale will also provide much-needed funding for the arts, with any leftover funds being channelled into the community. As one of Christchurch’s last remaining stately homes, McLean’s Mansion is a significant piece of the city’s history and cultural heritage.