28 Aug 2008

Stadium land deals over budget by about $32.5m

5:14 pm on 28 August 2008

The land deals required for the proposed new Dunedin stadium have been arranged, but are over budget by about $32.5 million.

Dunedin City Council says the payments were for a mix of freehold title, ground leases, tenancy terminations and relocation costs.

The final settlement will occur in October next year.

Dunedin's mayor Peter Chin says the land and lease acquisition is over budget by about $12.5m at this stage.

But he says that figure will drop, as some of the land won't be needed for the stadium and will be resold or developed.

Mr Chin is confident the project can be completed in time for the 2011 Rugby World Cup, and within its budget of $188m.