Fonterra was selling buildings and a five-year lease of two Kitchener St sites, on land owned by Chalmers Property.
Colliers International industrial sales representative Jonathan Lyttle said the property was 14,661sq m, with buildings occupying 7092sq m of that area.
The site had two access points, a road frontage in Kitchener St and rail and road access off Portsmouth Dr.
The property was close to the site of the proposed new Otago Regional Council offices and could be included in the Dunedin City Council's harbourside development, Mr Lyttle said.
The property was for sale by private treaty, which closed on April 23.
Fonterra expected to have converted Fisher and Paykel's former appliance manufacturing building into a dry storage warehouse by October, with the second phase of the project, the building of a new coolstore and extending the dry storage facility, expected to be ready in time for the 2010-11 dairy season.
Fonterra warehouse transformation manager Greg Pope said concept designs were nearing completion and tenders would be let soon.
Mr Pope said Fonterra already owned the site and had leased it back to Fisher and Paykel until the end of June.
The project would ultimately allow product to be railed from its Edendale factory to Mosgiel and then on to Port Chalmers.
Mr Pope would not say how much the project was costing, other than it was "multimillion dollars".
