A heritage-protected waterfront property in Dunedin – with views of Otago harbour and the peninsula, and which also has a second house – could be the cheapest mansion available for sale in New Zealand.
A similar property in Auckland’s posh suburb of Remuera would likely cost upwards of $10 million but St Leonard’s Lodge, on Tui Street, in St Leonards, has a price indication of $2.7m, plus GST.
The property consists of the original homestead, called Aorangi, which dates back to 1907 and which was designed by Mason and Wales, the country’s first architectural firm and one that is still active in the southern city.
Discover more:
Start your property search
- 'Where else can you walk around naked?'- in the middle of nowhere and for sale
- Tony Alexander: Tear up the rulebook on mortgage rates - volatility is here to stay
- Student apartment blocks on legendary party street up for grabs
The current owners built a new house next to the lodge, called Tui House, when they renovated the interior of the lodge.
Agent Lawrence Peeters, of One Agency, said the lodge had a category two Historic Places Trust listing which meant the owners were able to make changes to the interior while keeping the exterior as it was.
Combined they offer eight bedrooms and eight bathrooms set on more than 4707sqm of land, including a tennis court.
The current owners ran the property part-time as a boutique hotel and while it has been listed on and off the market for some years, Peeters said he had keen interest currently.
“It’s quite a niche market when you’re selling those sorts of properties. It’s just one of those things, you have to be patient and the right buyer comes along.”
The vendors have upgraded the heritage-listed home to high standards. Photo / Supplied
The original homestead comes with a second smaller home. Both sit on a 4707sqm section. Photo / Supplied
According to the Heritage New Zealand website, the original homestead was built as a generous residence for John Cook, an engineer who had made his way in Dunedin’s business world.
“He came to New Zealand in 1875 as chief engineer aboard the steamer Taiaroa.
“Aorangi was designed by prominent Dunedin architectural partnership Mason and Wales. The practice is New Zealand’s oldest, begun in 1863 by William Mason and Nathaniel Wales.”
Peeters said the interested parties liked that the house had been recognised by the Historic Places Trust and that it had a story as part of the fabric of Dunedin.
“Cook was the original owner and he was in the shipping industry and he obviously grew very, very wealthy.”
The property is close to Port Chalmers which was significant because when the house was built the port and the city were thriving.
“There was a lot of money washing around Dunedin in those days. It was the unofficial capital of the country back in the day.
“We were the first Stock Exchange in the country, the first university, the first a lot of things really.”
The property boasts impressive water views. Photo / Supplied
Potential buyers also liked that the property had two houses which gave options, such as for guests or family.
“You could live in Tui House and run the lodge as boutique luxury accommodation. There are not many historic places that people can come and stay at, and they love it.
“The guests that come there, they’re kind of blown away, and they love the fact it’s waterfront as well.”
The house is also on the doorstep of the newly completed cycleway, and is not far from the city.
Also attractive to buyers was the fact the renovations were already done to a high standard.
“Nobody wants to buy run-down old homes anymore. It’s just too much for a lot of people. You get the odd person who’s willing to take it on but most wouldn’t, and what’s been done to the lodge is all very sympathetic.
“They really have retained those beautiful features. It’s very classy. It’s been very tastefully done.”
A modern home in Brighton listed by One Agency recently sold for $1.32m after receiving seven offers. Photo / Supplied
Peeters said while patience was a virtue when selling an historic property, the rest of the Dunedin market was “not too bad” and properties were selling.
“It’s quite a balanced market, that’s how I describe it at the moment. I’m still selling everything.”
There was tension in the market from the relatively high interest rates and cost of living crisis, and some people were finding it hard to get finance from banks, he said.
“I’m finding that buyers have more choice. They are being a little bit fussier but that just means that as an agent I’ve got to be a bit fussy myself so you just have to make sure that the presentation is better, the marketing is better.”
There was some unpredictability in the market with some properties getting one offer, while others might get seven, he said.
A property in Brighton which recently sold had interest “swirling” around it but only received one offer, then when a second deadline was set received seven offers.
The stunning, architecturally-designed coastal three-bedroom house was seeking inquiries over $1.2m and sold for $1.32m.
- Click here to find more properties for sale in Dunedin
