The historic A. H. Reed building in Crawford St looks set to get a new lease on life as a block of inner-city apartments.
The building was bought by Roger Bray in September this year.
Mr Bray intends to put in 11 apartments, including two penthouse apartments, and a downstairs cafe. The cafe would feature an A. H. Reed reading room, where clients could exchange books.
The reading room was a nod to the building's former occupant, publisher A. H. Reed.
The apartments are for sale.
Mr Bray saw the rooms that would become apartments as ''diamonds in the rough''. Buyers could choose which room they wanted and have it set up exactly how they wanted, he said.
The high ceilings allowed for potential mezzanine rooms.
''The possibilities are endless,'' Mr Bray said.
He had found buyers for two of the apartments and planned to move into one himself. He hoped to be in his new home by the new year.
Two penthouse apartments will be built on the building's roof.
Mr Bray, who was originally from Western Australia, found out about the building when he was in Dunedin visiting his son who lives here and owns a building firm.
He decided to save the old building.
''We don't need another car park,'' he said.
Mr Bray was involved in construction and property development in Australia and has lived and worked in the industry in 17 countries, especially in Eastern Europe. He has decided to move to Dunedin.
The price of the apartments would depend on their size but Mr Bray believed they were likely to range from the mid $200,000s to $300,000s.
