42 Forbury Road, Forbury, Dunedin, Otago

Commanding one of Dunedin's most recognisable vantage points, 'The Castle' stands proudly on the hill, overlooking the city and harbour from an expansive 2031m2 (+/-) site. Originally built in the early 1910s as a grand private residence, this iconic landmark was later converted in 1947 into four substantial flats - two two-bedroom and two one-bedroom units, all currently rented for a total of $1,475 per week (with electricity paid by the owner for units 1 and 4), with a nett income of $72,403 per year.

A fine example of enduring craftsmanship, the property showcases ornate original features that speak to its era, with high ceilings, timber detailing, and generous proportions throughout. The interiors have benefited from upgrades to paint, carpet, and heat pumps, bringing comfort and practicality while preserving the home's character. Each flat enjoys outstanding natural light and sweeping views that capture Dunedin's charm from every angle. Set on a rare landholding, the 2031m2 (+/-), includes a large garage and a well-maintained rear section with potential for development or subdivision (subject to council consent). For the discerning investor, there's scope to further elevate the property - whether through sympathetic restoration, strategic enhancement, or exploring the underlying land value.

Historic, handsome, and holding promise, 'The Castle' is more than a property, it's a statement piece in the heart of Dunedin's landscape, waiting for its next visionary custodian.