Allied Farmers managing director Rob Alloway said the buyer did not wish to be identified but was "familiar with Queenstown district and had previously done development in the region".
Neighbouring developer Alastair Porter, of Remarkables Park and Shotover Park, said he had not bought the land.
"If it was me, I would say I couldn't comment, but I can tell you it wasn't me," he said.
He said the new buyer had informed him of the purchase but told him to keep quiet until they were ready to make an announcement.
Allied Farmers managing director Rob Alloway did not say how much was being paid for the bare land, which was the second stage of the Five Mile development, other than that it was "nearing the upper end of the valuation scale".
Last month when first announcing the sale, which at that time was conditional, Mr Alloway said the price was above the value of the property as recorded in the half-year accounts of $23.2 million. Yesterday he said it was "a reasonable amount" more.
Mr Alloway said a deal of the size of the Five Mile sale could have a substantial impact on the balance sheet of Allied Farmers, which also recently notified the market it had a $16.5 million loan facility outstanding to Westpac.
The Five Mile sale was just the first of what he expected would be many larger property deals in the future.
The property market looked to have "a little more" confidence, although for now the value of cash could not be overestimated, and Allied Farmers was looking at restoring liquidity to its balance sheet, Mr Alloway said.
"We've always said that, given time, we could realise value from the former Hanover assets for our shareholders and, indeed, this has proved to be the case with Five Mile."
Settlement was scheduled for mid-November, and the company buying the property had previously undertaken development in the region.
"They came late to this negotiation with a pretty compelling offer and we are very pleased to be able to have concluded such a significant deal," Mr Alloway said.
"Given the current state of the property market, especially in large scale developments like this, we are very pleased to achieve a price that is nearing the upper end of the valuation scale."
Allied Farmers owned a range of property in Queenstown and he expected the area would recover more quickly than many other parts of the country.
