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Changing Fortunes

Whanganui’s grand manor house had seen better days. Built in 1840 for settlers Andrew and Margaret Duncan, the once grand home was created from pit-sawn heart tōtara, with 24 rooms and expansive stables. But the centuries were not kind to the manor, which was named Tōtarapuka after a Māori settlement in the area. By 2019 it was run down and dated. A motel had been tacked onto the 5,500m2 section, and the three freestanding homes (some with punch holes in the wall) were victims of ongoing deferred maintenance.

Belinda Beatty (who works with Wealth Mentor) and Stephen Feast came across the property when a real estate agent they worked with brought it to their attention. As buy and hold investors, the couple
saw that the property had loads of potential. They had previously bought undesirable dwellings, adding value and more stock to the rental market, and they felt they could do the same with this.