In mid-August Chalmers offered a total 3.4ha of land, bounded by Anzac Ave and Harrow and Frederick Sts, which was held under 21 leases to 15 lessees.
The tranche of properties, which had an estimated sale value of $10 million to $12 million, is not part of the controversial harbour-side development proposed by the city council, in which Chalmers has significant holdings.
Chalmers Properties chairman John Gilks said in a statement yesterday he was "very pleased" with the sales outcome, where the freehold titles had all been purchased by the lessees or their tenants.
It reflected Chalmers' policy of providing the lessees with the first opportunity to acquire freehold ownership.
Mr Gilks said in mid-September Chalmers was "over-weighted" in Dunedin-owned land, and proceeds from the sale would go towards paying for a large industrial site in Wiri, Auckland, which was bought for $11.7 million.
Chalmers had underpinned several annual results for 100% Otago Regional Council-owned Port Otago in recent years, but overall group profits fell almost 30% in 2007-08 and 47% in 2008-09, including unrealised property revaluation downgrades of Chalmers during those two years.
Chalmers' chief executive Andrew Duncan said yesterday the buyers included Elim City Church and the DCC.
All contracts were now unconditional with total sales totalling more than $12 million "which was in line with expectations", he said in a statement.
In August 2001, Chalmers sold a total six land packages covering 23.41ha in the foreshore area, with combined rental income at the time of $936,000, for $12.6 million.
Two-thirds of the properties sold were purchased by two companies owned by Scenic Circle hotelier Earl Hagaman, with the balance going to Oakwood Properties and the DCC.
The 2001 sale was contentious in that large blocks were sold to big investors as opposed to individual local building owners.
