Ezra Eini, who bought the Bruce Woollen Mill complex in Milton in 2012, told the Otago Daily Times heritage restrictions had stalled his redevelopment plans, prompting him to sell on to ‘‘new blood’’.
Mr Eini began demolishing a derelict 19th-century flour mill on the site several years ago, but was halted by Heritage New Zealand Pouhere Taonga as the building fell under heritage protection, due to its age.
The three-storey building began life as McGill’s Flour Mill, and was built in 1887 to replace a wooden structure that burnt down.
It later passed into the ownership of Flemings, of Creamoata fame, before being sold to the adjoining woollen mill for use as a wool store.
The woollen mill closed in 1999.
He also wished to develop the site.
Yesterday the Dunedin businessman said, at 73, he was ready to pass the baton on to younger entrepreneurs.
‘‘Although the heritage protection is there, development can take place once an archaeological authority is obtained.
‘‘I’m ready to move on, but there is significant potential for energetic young entrepreneurs to take the site on, and make something special for Milton and the district.’’
Mr Eini pointed out Milton was undergoing significant redevelopment under the Clutha District Council.
‘‘We have a new pool going in, an inland port, subdivisions and a streetscape upgrade under way.
‘‘The site could be redeveloped to take advantage of that growth.’’
There was ‘‘a little emotion’’ in parting from the site, he said.
The woollen mill was the birthplace of Swanndri, and key to the district’s economy for several decades, employing up to 400 people in its heyday, he said.
‘‘Everyone wants to see it brought back to life, so new blood coming in is the way forward.’’
The 8.7ha site sits prominently on the edge of Milton, adjoining Union St (State Highway 1).
It was offered to buyers ‘‘as is, where is’’, for sale by negotiation.
