Construction company Calder Stewart has officially bought the former Carisbrook stadium from Dunedin City Council for $3.5 million.
In 2009, the council purchased Carisbrook and some nearby houses from the Otago Rugby Union for $7 million. Since then it has sold some parts of it, including the car park for at least $700,000.
The council announced the stadium's conditional sale in February, before finalising the deal on Thursday following due diligence.
Calder Stewart will receive a refund of $200,000 refund if all the buildings, apart from the hospitality complex, are demolished within six months.
The brick turnstiles plus 400 square metres have been given back to the council at no cost, in recognition of the Historic Places Trust classification of the turnstiles and the potential for a park to be formed.
Mayor Dave Cull said there's a shortage of industrial land in Dunedin and he hopes the deal will lead to investment and economic growth.
