The three-bedroom, three-bathroom penthouse now has a valuation of $3.85m - up $1.3 on its 2014 rateable value (RV).
The property's new real-estate listing describes it as a "prestigious, elegant and of the highest quality".
The penthouse, which has been recently restored, sits atop the Chambers & Station development of a pair of classic heritage buildings - the former home of the Mt Eden Municipal Council Chambers and the suburb's fire station.
Chambers & Station said restoring the former council building and fire station was part of a vision "to restore them into luxury apartments to last the next 100 years".
Project director Nigel McKenna wrote on the project site it was a "privilege" to help restore the historic site.
"They are an important part of our heritage. It has been a privilege to adaptively restore and convert these two very special buildings and to give them new life for the next 100 years."
The chambers had been built in 1912 before the start of World War I and the fire station was built in 1924.
Ellis' penthouse is for sale by tender. Bids close on December 6.