Dunedin's Carisbrook sports ground has been sold to construction company Calder Stewart for $3.5 million.
Dunedin City Council announced the conditional sale today.
Under the deal Calder Stewart will get a $200,000 refund as long as all the buildings, apart from the hospitality complex, are demolished within six months.
Other changes made to a conditional agreement signed in February will see the historic brick turnstiles, plus 400 square metres given back to the the council at no cost.
This recognises the New Zealand Historic Places Trust classification of the turnstiles and creates the potential for a 'pocket park' to be formed, council chief executive Paul Orders said.
Mayor Dave Cull said there was a shortage of industrial land in Dunedin and he hoped the deal would help revitalise that part of South Dunedin.