DCC paid $3.1 million from Carisbrook sale

The Dunedin City Council has received the outstanding $3.1million for Carisbrook.

The money was paid to the council's solicitors yesterday, group chief financial officer Grant McKenzie confirmed.

The money was owed from the 2013 sale of the former international rugby and cricket venue to South Island construction giant Calder Stewart.

The company paid a deposit of $200,000 and a further $200,000 bond, which was returned after it complied with a condition to complete a timely demolition of the stadium.

The future of the land remains unclear.

The company is unwilling to discuss its plans.

The site remained entirely in the ownership of Calder Stewart as of yesterday.

Attempts to contact Calder Stewart development director Alan Stewart yesterday were unsuccessful.

A company statement said: "We have got a contract and we have complied with the contract''.

A provision in the sale agreement which stated the council would receive 60% of the proceeds stemming from any subdivision of the site until the principal had been recouped, remained inactive as the site sat idle and covered with rubble since demolition.

In 2013, shortly after the sale became unconditional, Dunedin Mayor Dave Cull said it was expected the company would subdivide and sell the property for industrial use, and would give 60% of the proceeds from the sale of each site to the council to pay the debt.

The company paid the council more than $500,000 in interest to cover the debt since buying the stadium in early 2013.

A pocket park was meant to be developed on the land around the stadium's historic turnstiles.

The council has confirmed a conservation plan was being developed and a timetable for the project would follow.


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