The 136-year-old building between Moray Pl and St Andrew St, was redeveloped for $12 million in 2004, retaining its historic facade.
It is rated at 100% of new building standards in terms of earthquake-proofing requirements.
The property was leased to Farmers Trading Company until 2028, and secondary tenant Wilson Parking was on a three-year term, Charlie Oscroft, of Colliers International, said in a statement.
KCL Property was offering the proportionate ownership scheme, in which investors could buy one or more of 210 interests, at $50,000 each.
Each title would represent an equal proportion of the registered freehold title on the land and building, Mr Oscroft said.
The building, which is on a 6036sq m site and has a commercial area of 7575sq m, has two levels of retail space, while on a smaller third level are loading, storage and offices.
There are 72 car parks accessed from Great King St.
Farmers, founded in 1909, had 64 trading locations around the country in mid-2004 and now has 54. In Dunedin, it has been at the George St site since 1982.
Farmers is owned by the James Pascoe Group, whose other businesses include Pascoes the Jewellers, Stewart Dawsons, Stevens Homeware and Whitcoulls.
