Elevated above the city and capturing one of Dunedin's most iconic outlooks, 'The Castle' is a landmark residence that immediately commands attention. Set across an expansive 2031m² (+/-) site, the property enjoys breathtaking views that stretch across the cityscape and out over the harbour-an ever-changing backdrop that adds to its undeniable appeal.
Constructed in the early 1910s as a distinguished private home, the building reflects the scale and craftsmanship of its time. In 1947, it was carefully converted into four generously sized flats, now configured as two two-bedroom and two one-bedroom units. Today, all four are tenanted, collectively returning $1,475 per week, with electricity included for units 1 and 4. This provides a nett annual income of $72,403, offering immediate returns for investors seeking both income and long-term upside.
Throughout the property, the character of its era remains beautifully evident. Ornate detailing, high stud ceilings, and rich timber features create a sense of warmth and authenticity that is increasingly rare to find. The proportions are impressive, with each flat benefiting from spacious layouts that enhance both liveability and tenant appeal. Modern updates-including refreshed interior paint, updated carpeting, and the installation of heat pumps-ensure comfort and practicality are well catered for, while still allowing the original charm to shine through.
Positioned to make the most of its elevated setting, the property enjoys an abundance of natural light along with sweeping, uninterrupted views. Whether by day or night, the outlook is a defining feature-framing the city, harbour, and surrounding landscape in a way few properties can offer.
The scale of the landholding is equally noteworthy. Spanning 2031m² (+/-), it is a rare offering in such a sought-after location. The grounds include a large garage and a well-kept rear section that opens the door to future possibilities. Subject to council consent, there is potential for further development or subdivision, adding another layer of opportunity for those with vision.
For buyers looking to take things further, 'The Castle' presents multiple avenues to add value. From enhancing the existing flats, to undertaking a sympathetic restoration that elevates its original grandeur, or exploring the potential of the land itself-this is a property that invites creativity and rewards foresight.
Steeped in history, rich in character, and positioned in one of Dunedin's most recognisable locations, 'The Castle' is far more than an investment-it is a statement. A property of scale, presence, and possibility, ready to be reimagined and carried forward by its next owner.
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