A conditional contract has been signed by a North Island buyer for the purchase of commercially zoned land just north of Oamaru owned by Japanese company Nikken Seil.
Nikken Seil bought about 22ha just north of Oamaru in 2001 to develop a $20 million business park, but put it on the market in June through Colliers International.
Colliers' agent Noel Gilchrist said there had been a lot of interest in the land.
A conditional contract had been signed for the purchase, but would not be finalised for at least two weeks while the buyer carried out due diligence.
Most of the buyers interested in the property already operated in the rural sector, particularly in the dairying and viticulture industries, Mr Gilchrist said.
"The Waitaki District Council is also keen to see business development on the site."
Nikken's principal shareholder, Dr Hirotomo Ochi, who died in October 2005, also bought Teschemakers, the former Catholic girls' boarding school, for about $500,000 in 2000.
From that sprang the idea of the business park and the purchase of about 500ha of North Otago farmland to produce organic foods for processing.
It is believed Teschemakers and the farmland are also likely to be sold in the future.
Dr Ochi was the principal shareholder in food company Nikken Foods, but since his death the projects, which could have created hundreds of jobs, have made no progress.
The business park land is north of Oamaru between State Highway 1 and the main trunk railway line.
It is bounded to the north by land owned by the council and a site on the corner of TY Duncan Rd owned by Euroclass Design of Auckland.
Both the council and Euroclass want their land rezoned for business development.
