Rotorua supermarket owner Neil Foster has bought the property assets of Waikato Innovation Park from Hamilton City Council for an undisclosed price.
The sale was finalised on 15 December and announced by the council a week later.
Mr Foster owns the Rotorua Pak n’ Save supermarket and was a director of Foodstuffs North Island Ltd until August. He said it would be business as usual for the Waikato Innovation Park & its tenants: “It’s a winning formula for a huge economic success story, thanks to a great philosophy and an array of technology-based businesses.”
The 4-building business park, on 17ha beside the Ruakura research station, leverages collaboration in the agribusiness sector. 4 local business people established Innovation Waikato Ltd in 2001, and Waikato Innovation Park Ltd was established in 2012. Hamilton City Council took full ownership of the 2 entities in 2013, had a masterplan drawn up in 2015 and decided early this year it wasn’t the right owner to take the park forward.
However, the council will remain involved in Waikato Innovation Park’s subsidiary, NZ Food
Innovation Waikato Ltd, which owns the spray-dryer building on the site. $4 million of the proceeds from sale of the property arm of the park will be channelled back into NZ Food Innovation Waikato.
5 April 2017: Hamilton council seeks buyer to take innovation park to next stage
Attribution: Waikato Innovation Park release.