The former New Zealand Wood Mouldings plant, in Mosgiel, was sold as part of the assets of Southern Cross.
The building was leased to Timpack Industries, a timber packaging producer, before the sale.
Timpack chief executive Alan Walters said the site allowed the company to expand its Mosgiel operation, creating 10 jobs.
''About half a dozen of those are ex-Southern Cross staff,'' he said.
''We have managed to re-employ some of those who have lost their jobs, which is great for Mosgiel.''
Timpack has its headquarters in Hamilton but has offices throughout New Zealand and has had a presence in Mosgiel for about 15 years, where six fulltime staff were formerly employed.
The company would eventually consolidate its Factory Rd operations at the former wood mouldings plant site, he said.
Timpack had secured additional contracts and needed to expand its operations.
''It's local work with Fonterra, as well as supplying some work up into South Canterbury.''
Timpack intended on being at site for the ''long haul'', he said.
''It's a multi-year lease with plenty of rights of renewal, so our intention is to be around for a while.''
The site also provided space and capacity for expansion. It would be overseen by branch manager Peter Dyer, who had managed Timpack's Mosgiel business for the past 10 years, Mr Walters said.
Receiver Brendon Gibson, of KordaMentha, said negotiations were under way to sell all Southern Cross Forest Products' properties, apart from the Millstream Sawmill.
The New Zealand Wood Mouldings plant and an adjacent rural lot had been sold to an as-yet-unnamed buyer. The Tower Rd site in Milton, which had been cleared, was also sold.
The Rosebank Sawmill, in Balclutha, was under contract and the sale of Milburn sawmill and Millstream's drymill were still awaiting Overseas Investment Office (OIO) approval.
''We were pretty pleased to be able to get those sites, particularly the main Mosgiel site, away as an investment property,'' Mr Gibson said.
He could not comment on the sites' buyers or what their plans were for the other sites.
When Southern Cross went into receivership in March, it owed ANZ $39million and UDC Finance Ltd $7.2million.
Mr Gibson would not be drawn on how much had been raised by the sales, but expected the figure to be available later this year.
''Certainly, indications are there will be a shortfall to ANZ,'' he said.
The sale of Southern Cross' Milburn sawmill and Millstream's drymill assets to Pan Pac Forest Products was still being considered by the OIO.
Pan Pac requires OIO approval because it is owned by a Japanese corporation. Pan Pac announced its plans in July, hoping to create 30 jobs at the sites.
When Southern Cross went into receivership, it employed about 400 people, mostly in Otago.
