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One of the pioneers of "the Dunedin sound", Gutteridge had not long returned to New Zealand after from playing his first ever show in the United States earlier this month.
Gutteridge, who was in his early 50s, had been a founding member of The Clean, The Chills and The Great Unwashed in the early 80s.
He later went on to form the legendary noise-drone outfit Snapper and make his own solo recordings.
Snapper performed reunion shows last year following Gutteridge's treatment for drug addiction.
Very saddened by the news of the passing of Peter Gutteridge today. Our thoughts are with his family and friends http://t.co/1T6m7IDeYs— Flying Nun Records (@FlyingNun) September 15, 2014
A statement from record label Flying Nun described Gutteridge as ''a great talent''.
"All of us, and so many people around the world, have been touched and affected by his music, whether it be the swirling fuzz of the guitar or haunting piano melodies, Peter was a true hero of New Zealand music, and will be deeply missed."
"Our thoughts and sympathies are with his family and friends at this very sad time.
"Thank you Peter for all the music, may you rest in peace."
- additional reporting NZ Herald