15 Scotland Street, Central City, Dunedin

Iconic architecture, reinvented for income

Positioned on the prominent corner of London and Scotland Streets, this beautifully restored mid-19th century residence designed by renowned architect R. A. Lawson presents a compelling investment opportunity in one of the central city's most sought-after rental pockets. Rich in history and originally built for the Engel family, the home has been thoughtfully reimagined into a high-performing multi-unit asset. Just moments from the Otago University, Dunedin hospital, the CBD and a short stroll to George Street, the location ensures consistent tenant demand year-round.
Comprising a well-balanced mix of 1 x two-bedroom (two-bathroom) apartment, 2 x one-bedroom apartments, and 1 x studio apartment, the property is fully tenanted and delivering immediate income of over $119,000 per annum. Investors will appreciate the significant capital works already completed, including foundation and bluestone upgrades with earthquake strengthening in the 1990s, alongside an extensive 2023 renovation programe. This recent transformation includes double glazing, comprehensive rewiring and replumbing, additional structural improvements, modern waterproofing, full exterior and roof repainting, and insulation throughout floors, walls, and ceilings, and of course the overall restructure into the current layout. With all units Healthy Homes compliant and the hard work already done, this is a rare opportunity to secure a character-filled, low-maintenance investment with enduring appeal and strong long-term fundamentals.