Petone property


PHOTO: MONIQUE FORD/STUFF The Elizabeth St, Petone property that sold for an early-2000s price.

A Wellington polytechnic has come out second-best in a property flip after a legal oddity saw it sold for a value pre-dating property booms and the global financial crisis.

Records show WelTec owned a house at 15 Elizabeth St, Petone that was valued in 2016 at $550,000. It sold that house on April 4 for $270,000 – a $280,000 devaluation despite the currently booming Wellington property market.

The loss to WelTec comes as it cuts courses and staff to make ends meet.

The charitable organisation that bought it quickly relisted the property with a tender guide “upwards of $390,000”. Tenders on the property closed on Thursday.