The Dunedin City Council announced yesterday the site at 223 Andersons Bay Rd had been sold to the company for $1.18 million.
The land is one of 149 property parcels, including houses, empty sections and parkland the council is considering to sell, as it seeks to add $10 million to its coffers.
The Caledonian sale follows controversy last year, when the council announced it would end the lease of the bowling club and sell the land.
Club members opposed the sale, but the council responded that few members used the club for bowling, and it did not make commercial sense for the council to own under-used land with no return, or strategic benefit.
City property manager Kevin Taylor said the 2565sq m site had been sold as is, with the vacated bowling club buildings still in place.
The property went on sale in April and two tenders were received.
The decision to sell the site had been made last year, after public consultation.
The property's land use is listed as multi-use: recreational, and the council's rating database shows it has a land value of $1.1 million, and a capital value of $1.5 million.
Mr Taylor said any developer of the property would have to apply for resource consent if they wanted to develop ''a bunch of small retail there''.
Asked if that was something being considered, Mr Taylor said: ''We actually don't know what they're doing with the site.''
''We've had a lot of rumour, but I couldn't say, factually, what I understand they're doing.''
The council last year released a ''work in progress'' list on the 149 properties it was considering selling.
The list ranged from houses in North Dunedin worth almost $500,000, to a park in Portobello.
Mr Taylor said yesterday more parcels were coming up for sale, some of which were ''nearly ready''.
A staff member was working on categorising the list, so decisions could be made on what could be put on the market.
There were some properties with ''a little bit of work to do'', and some that were ''never really going to be a saleable proposition'', including properties with war memorials on them.
''How they quite got on the surplus list, I'm not sure.
''They're not a selling proposition.''
Mr Taylor said it would be ''a wee bit premature'' to say what properties were coming up for sale.
Calder Stewart bought Carisbrook from the council in 2013 for $3.3 million, and demolished the stadium.
As yet, there has been no apparent development of the site.
Calder Stewart Development advertises on its website ''an extensive range of premium land locations throughout New Zealand's South Island, which it offers directly to prospective clients''.
The company did not reply to messages yesterday.
