Investment House in Moray Pl, opposite First Church, has undergone an 18-month restoration.
Owner Andrew Bosworth bought the 120-year-old building for his accountancy business in 2004 with plans to develop it.
After many years trying to find a solution which "stacked up financially", the decision was made to keep the bottom floor as office space and transform the second-floor into four upmarket apartments, Mr Bosworth said.
The name, Bell Hill Apartments, comes from the site Investment House sits on, Bell Hill, which was cleared to connect north and south Dunedin in the 1860s.
The redevelopment was designed by Oamaru heritage architect Ian Butcher.
Each of the four apartments was named after Investment House’s former owners and occupants.
John Campbell, who constructed the building in 1901, had an apartment named after him.
"We assume that he was a world traveller," he said.
Restoring the building was about protecting local heritage and history, Mr Bosworth said.
"If we did it purely from a financial point of view, we would not have done it; it certainly would not have been worth it.
"We probably would have saved hundreds of thousands, if not a million dollars, if we wanted to create a money-maker.
"We liked the idea of protecting the heritage and making sure this building stays around for another 120 years.
"The fact we were able to achieve that is something we are proud of," he said.
The apartments had been rented out short-term from May.
"It started off with a hiss and a roar in May. June was very very quiet but now we are into July and into the school holidays we are flat tack," Mr Bosworth said.
He believed protecting Dunedin’s heritage was vital.
"There is so many heritage buildings in Dunedin and a lot have been refurbished already but that is probably just a drop in the ocean compared to what is out there.
"So absolutely there needs to be more of it," he said.
