A luxury waterfront estate with a guest house is what you can get in Dunedin for $2 million.
It’s an eight-bedroom waterfront estate that has some of the best views of the harbour – and it has rating valuation just under $2 million.
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The catch? It’s in Dunedin, not Auckland or Sydney.
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Bayleys agent Lawrence Peeters says 1 Tui Street, in St Leonards, known locally as St Leonards Lodge, is a rarity in Dunedin.
The historic homestead sits on a 4707sqm section overlooking the Otago Harbour and Peninsula, and has a 2019 rating valuation of $1.86 million. The lodge comes with three-bedroom guesthouse, offering buyers the chance to bring in extra income.
Peeters expects the property, which is for sale by negotiation, to fetch around $2 million, a fraction of what buyers are prepared to pay for similar waterfront properties in Auckland and Australia.
“For that same money you could buy a small villa in Ponsonby,” he says.
The five-bedroom lodge has a three-bedroom guesthouse next to it. Photo/ Supplied
The property offers stunning views of the Otago Harbour. Photo / Supplied
Peeters says much of the interest in home has been from buyers from Australia, although he has received enquiries from expats from other parts of the world.
“It’s a bit of a common pattern to Australians to move here and it’s easy to live between two countries,” Peeters says.
“The property is pretty impressive and it is hard to find this kind of property in Australia. The prices are extraordinary there and something like this would be worth $10m or more in Sydney or Melbourne.”
Built in 1907, the heritage residence boatsts many of its original features but has also been extensively renovated. Photo / Supplied
The owners bought the lodge in 1999 for $450,000, after moving from Australia and built a new house next to the original residence in 2004 and extensively renovated the original homestead.
The homestead still boasts many original features, including kauri floorboards and large wooden staircases, and comes with a billiard room, dining room, wine cellar and large fireplace.
Peeters says the owners have used the property to provide luxury accommodation but are now ready to retire.
