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The University of Otago and Dunedin City Council have swapped two similar sized pieces of land at the edge of the council's Frederick St car park.
University director of property services Barry MacKay said as part of the deal the university gained a 240sq m piece of property on Emily Siedeberg Place.
''It was acquired from the DCC by exchanging it for a neighbouring site which is also part of the car park and which has a similar land area,'' he said.
The council benefited because it now had a larger contiguous land-holding and the university gained a site with better accessibility.
The university had not finished evaluating future uses for its land, but sale was a probable option.
Council economic development and property group manager Robert Clark said the swap was a ''win win'' and he did not believe it would not result in the loss of any public car park space.