Pictures50

Map

1 Queens Gardens, Dunedin Central, Dunedin City

By Negotiation

6

2

453m²

256m²

Multi-faceted investment

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 full earthquake strengthening completed 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.

Additional details

Type

House

Property ID

L40055036

Listed on

27/03/2026

Updated

yesterday

Property insights

OneRoof estimateRating valuationProperty history

Rating valuation

OneRoof mentions

Listed for sale on OneRoof for 2 days (last updated on 27 March) and was last sold in 2015 for $600,000. Its latest rating valuation by Dunedin City council is $1,960,000 as of 2025. There are 23 6-bedroom properties for sale nearby. There are 57 properties for sale in Dunedin Central.

Property data

On OneRoof

1 days

Property Type

House

Floor Area

520m²

Land Area

256m²

About the area

Market insights

Insights for all bedroom homes in Dunedin Central

Property type

All property types

Bedrooms

All

Time (yrs)

5 yrs

Home services

Mortgage Calculator

NEW

Fortnightly Repayments

Loan term

Total interest

Interest rate

Total cost

Press calculate to work out your mortgage repayments and how quickly you can pay off your loan.

Find out what you can afford Apply now

Disclaimer

Home Improvements Loan calculator

Get a house insurance quote

On your side with these great benefits

Natural disaster cover for earthquakes, natural landslips, hydrothermal activity, tsunami, natural fires, & volcanic activity.

Temporary accommodation for you, your family, and your pets if you need to be evacuated from your home.

Get replacement keys and locks if yours get lost or stolen and pay no excess.

Access to AMI HomeHub, our first-class home repairer that brings together a team of experts to take care of your home claim repairs from start to finish.

Learn about these great benefits and more

*Exclusions and limitations apply. Talk to us about these or refer to the full policy document which can be found on our website.

Dunedin Central, Dunedin City

Dunedin Central is a suburb which lies within the Territorial Authority of Dunedin, one of 97 residential suburbs which form the wider region. Dunedin Central is the 3rd largest suburb of Dunedin in terms of the total number of residential housing stock. Dunedin Central provides a range of housing stock, with the earliest residential housing recorded in the area constructed between 1880 - 1889. The majority of the residential housing stock in the locality was constructed between 1900 - 1909. Residential housing stock in Dunedin Central is made up of approximately 78% residential housing and 22% residential investment housing properties.

Learn more

Advertise with OneRoof