"We bought that strategically, because that gives us the whole front of the street," director Ken Mair said.
The rundown buildings will eventually be demolished. What will replace them depends on the settlement and what the iwi decide.
Tupoho is also leasing the former Wanganui Regional Community Polytechnic complex between Wicksteed and Keith Sts. It has been renamed the Tupoho Community Complex.
"Most of the buildings are rented out to our own and others for less than market rates. We try and cover the maintenance and repair work, which can be extremely large," Mr Mair said.
Keeping up with maintenance has been "a bit of a challenge".
"It's also beneficial, because it builds our capacity to understand being a landlord."
Another Whanganui property on hold for land settlement is the former Jubilee Hospital property in Aramoho.
Tupoho Investments was incorporated as a company in 2006, and exists for charitable purposes. Its 100 shares are overseen by directors Mr Mair, Sandi Ranginui and Tamara Smith.