Oamaru company Te Pari Products has now unconditionally bought three sections, owned by the Waitaki District Council in the North Oamaru Business Park, worth a total $1.5 million.
The council in 2012 entered an agreement with the developer, Oamaru Land Holdings, owned by Auckland businessmen Andrew and Michael Carpenter, to enable the start of the 17-lot first stage on a 22ha site between State Highway 1 and the railway line, opposite Oamaru Racecourse.
The council's chief executive, Michael Ross, said yesterday Te Pari, which manufactures livestock handling equipment and animal husbandry products, had bought the three sections on a lease-to-own basis that would fully cover the council's investment plus interest.
The company had sold its Humber St site and was preparing plans to apply to the council for building approval.
The original agreement which started the development was for the council to underwrite the purchase of up to $1.5 million worth of sections if sections had not sold by the time titles were issued.
When the titles came out in February, only one section had been sold, activating the council's agreement.
This was anticipated, and last year the council started discussions with Te Pari which was seeking a large site for a manufacturing plant.
A conditional agreement was entered into with Te Pari earlier this year, subject to sale of the Humber St site, which had now occurred.
