Hope to recoup 'Brook $7m

Initial responses from real estate companies vying for the job of selling the historic Carisbrook ground suggest the $7 million paid for the land by the Dunedin City Council might be recouped.

Prices of between $200 and $300 per square metre are suggested in the real estate proposals which would result in a return of between $6 million and $9 million, says the DCC.

With the marketing campaign soon to begin, the illustrious history of the 130-year-old-plus ground is expected to be an important aspect of its appeal to potential buyers.

Other possible attractions are the nearby rail siding, multiple street frontages and the infrastructure already in place.

Six of eight residential properties across the road from Carisbrook, in Burns St, have already been sold, DCC property manager Robert Clark said last night.

A decision on which company would sell the land was expected in two or three weeks, and the marketing campaign should begin soon after that.

The final decision, though, would go before the council's political arm for approval.

In January, the council voted to sell the property, including the car park next door, as industrial land, subject to final consultation during the annual plan. The council ratified that decision in May.

Public consultation was held last year and some people wanted to keep the facility as a sports ground. The council was aware it would incur holding costs of about $440,000 each year once the Otago Rugby Football Union moved out.

Mr Clark has said he expected willing buyers for the site, with industrial freehold land at a premium in Dunedin.

There were eight marketing proposals from real estate firms, which included methods of sale, pricing and potential buyers, and other aspects of the sale such as a dedicated website. All had suggested sale by tender.

The companies were local, national and international companies, some with partnerships encompassing all three.

Mr Clark said he hoped to complete a report for the DCC's executive management team by this week on which company to use.

A report on the grandstand demolition requirements at the site showed there would be a "substantial amount" of recyclables.

Most of the proposals from the real estate companies, though, had suggested retaining the newer building on the terrace that housed corporate boxes.

The firms had also pointed to the New Zealand Historic Places Trust (NZHPT) category one protection for the playing field and the single-storey turnstile building below the Neville St Stand.