The commercially-zoned property at 28 Dungarvon St, listed in April, has sold for $3.42million.
The seller of the property, Margaret Herron, bought the property in 1982 for $57,500.
She had lived on and off in the property for the past 41 years, sharing it with four generations of her family.
The buyers, who asked not to be identified, moved last year from Melbourne to Queenstown and said they were "very excited about the purchase".
In an email, the buyers said they had "fallen in love" with Wanaka after making several trips to the town, and wanted to "continue to support the sense of community" in the area.
In addition to granting existing businesses The Coffee Shack and Charlie Brown Crepes long-term leases on the site, the new owners are considering opening a weekly market and an outdoor movie venue, the latter in partnership with Cinema Paradiso.
They have also upgraded the five-bedroom house for use as a long-term rental.
Charlie Brown Crepes owner Adrien Paoli said he was happy to have secured a way forward.
"Obviously we’ve been stressed about the outcome of the sale.
"We did trust Margaret ... She promised us that she would do everything possible to talk to the potential new owner at the time, to include us in the sale and help us stay.
"So, yeah, very happy with the outcome," he said.
— Marjorie Cook and Regan Harris
