One of Whanganui’s finest Edwardian heritage buildings is being marketed for sale as a “trophy” investment and a live-in ownership proposition virtually without peer in New Zealand.

The imposing city centre property known as Heritage House dates to 1914, when the ornate two-storey brick building was erected as a clubhouse for the Wanganui Gentlemen’s Club, forerunner of today’s Wanganui Club.

The club sold the premises to private owners over 20 years ago but remains onsite as one of several diverse tenants.

The Category 2 Heritage New Zealand-listed building offers a compelling blend of antique charm and modern functionality after being returned from relative disrepair to former glory through a painstaking eight-year renovation by the current owners.

The property also stands up well as a modern-day commercial investment. Five commercial tenancies are fully leased to the Wanganui Club and four local businesses.

The lavish ballroom is a popular venue for weddings, conferences, and private events, complemented by a character summer house and adjoining lawn suited for more intimate gatherings. These hospitality capabilities are supported by a commercial kitchen and bar area.

Combined with three upmarket apartments in the main building, including a unique Versace-themed residence, these activities offer new owners the potential to earn a significant diversified income. Details are available to potential buyers upon signing a non-disclosure agreement.

Buyers also have the option to move in to one of the apartments as a luxurious private owners’ residence, creating what Bayleys salespeople are billing as one of the best live-and-earn opportunities in the land.

Heritage House, located at 136 Saint Hill Street, Whanganui, is now being offered for sale with price by negotiation through Amie Rowan, Jess Butters, John Bartley and Jean Clark of Bayleys Whanganui.

The approximately 1,475-square-metre building sits on a fee simple site of some 2,058 square metres. The land is commercially zoned, with permitted uses including office, residential and community activities. Onsite parking is available behind the building for 18 vehicles.

Rowan said the property oozed a rich ambiance and character rooted in the city’s Edwardian history.

“Eight years of comprehensive renovation have revived the magic of original heritage features such as decorative high ceilings, chandeliers, ornate fireplaces, and native timber throughout – culminating in a magnificent statement kauri staircase,” said Rowan.

Butters said the work also had a highly practical focus, making the site fit for modern occupiers.

“While great care was taken to preserve its historical integrity, the building has been rewired, replumbed, and sensitively upgraded for contemporary use. Floors have been resurfaced and non-structural walls removed to make the most of available spaces,” he said.

Bartley said the property’s allure as a trophy purchase would likely extend to buyers well beyond The River City.

“Not only is Heritage House an irreplaceable piece of Whanganui’s heritage. It’s also well equipped for the wide-ranging 21st-century requirements of business, events, and residential living. The diversified income streams from multiple mixed-use activities will appeal to astute investors.

“Add to this the prospect of calling this magnificent building home, and this is an owner-occupier opportunity the likes of which you’d struggle to replicate anywhere in New Zealand,” said Bartley.

Clark said the central city location placed Heritage House within a three-minute walk of Whanganui’s main street and principal shopping strip, Victoria Avenue.

“With restaurants, cafes, bars and city amenities on the doorstep, this further boosts its appeal as both an investment and a place to live.

"Furthermore, Heritage House forms part of a larger heritage precinct that brings people to the city. This positions it within a cluster of well-regarded historic buildings and cultural institutions such as Whanganui Regional Museum, the Alexander Heritage and Research Library, and the world-class Sarjeant Gallery," Clark said.