Ngai Tahu has a conditional contract on the old Wanaka Primary School site, the Ministry of Education confirmed yesterday.
The school site was recently offered for a second time to the tribe after it failed to sell on the open market because a lack of market demand for development sites had caused the value of the property to drop.
The first offer, made as part of the standard disposal process for Crown-owned property, was declined by Ngai Tahu.
However, under the terms of the Ngai Tahu Claims Settlement Act 1998, if the Crown could not sell the property on more favourable terms than the original offer, it was to be offered again to Ngai Tahu.
In August, the ministry said the school site was on the open market at $3.6 million plus GST for the main school block, and $300,000 plus GST for the other smaller block.
However, the main block was subsequently reduced to $3.25 million plus GST.
