1 Queens Gardens, City Centre, Dunedin, Otago

Positioned at the very core of The Exchange, this exceptional building delivers a compelling fusion of timeless heritage character and contemporary performance. Following an extensive refurbishment and earthquake strengthening 100% NBS in 2021, the property has been meticulously transformed to meet modern demands while preserving its distinctive appeal. Thoughtfully reimagined, it now offers an efficient, high-performing layout designed to optimise space and secure enduring investment value.

The upper two levels contain four self-contained apartments, all healthy homes compliant and finished to a modern standard. The configuration includes two generous two-bedroom, two-bathroom apartments and two well-designed one-bedroom apartments. These residences collectively return $137,280 per annum, providing a strong and stable residential income stream in a location that continues to attract consistent demand.

At street level, the building benefits from a hospitality tenant operating a restaurant with a five-year lease in place returning $30,000 plus GST, complemented by two rights of renewal. This offers secure commercial income while maintaining an active and engaging street presence within The Exchange precinct. In addition, two off-street car parks provide further income.

A key feature for the astute investor is the vacant office suite of approximately 75m2 (+/-). This heritage office space has been renovated to a very high standard and presents genuine immediate upside. The suite showcases many of the building's original elements, including exposed bluestone walls, balanced with contemporary finishes such as glass partitioning, a modern kitchenette, two private offices and an open-plan workspace and toilet room. The space has been leased previously and is well positioned to generate additional income.

What makes this opportunity particularly compelling is the combination of established income, quality refurbishment, heritage character, and immediate rental upside. Properties of this calibre in The Exchange are tightly held, and for good reason: they offer a rare balance of history, resilience, and performance.