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The Dunedin City Council has confirmed its agreement with the company to buy the old sports ground went unconditional today.
Calder Stewart has consent to demolish all grandstands - including the hospitality complex - at the site, leaving only the category one-listed Neville St turnstile building.
Council Chief Executive Paul Orders today confirmed the purchase had been finalised, saying: "It is pleasing the due diligence process has been completed and that the sale has been confirmed."
Dunedin Mayor Dave Cull said the company would be refunded $200,000 as long as all buildings, except the hospitality complex, were demolished within six months.
Mr Cull said the sportsground had been been an ongoing liability to the council, and it was good to get it sold.
''Furthermore, there is a recognised shortage of industrial land in Dunedin. It is hoped the deal will lead to opportunities for investment and economic growth and help revitalise that part of South Dunedin," he said