The Victoria Insurance Building, previously known as Victoria Chambers in Crawford St, again has the colour scheme it had in 1938, when it was redeveloped in Art Deco style from the Victorian building it originally was.
Owner Ted Daniels, who last year won the Dunedin Heritage Re-use Award for his restoration of Standard Building in Princes St, said work on the facade began in November last year.
When the building was sandblasted at the beginning of the work, the original coloured plaster was revealed under the paint.
Mr Daniels said buildings such as his were "very well designed'' at the time, and he wanted to return it to that style.
"You can't go wrong with the original colour. I'm pretty pleased with it. It was worth waiting all that time.''
Earthquake-strengthening of the parapets was carried out as part of the work.
There was still refurbishing work to be done inside the building to return its Art Deco style, though that was not major.
Mr Daniels said the building was built in 1884, and was a bond store connected to an insurance building next door that now housed the Duke of Wellington Hotel.
In 1938 the facade was remodelled in Art Deco style.
Mr Daniels said the building was more or less fully tenanted.
He had received funding from the Dunedin City Council's heritage fund for the work.
