The failed Eternal Springs water-bottling plant near Edgecumbe could have a new owner before Christmas.
A deal to buy the 16ha site in the Eastern Bay of Plenty and plant from the receivers should be unconditional by then, said Darryl Aston, Bayleys Real Estate sales manager in Rotorua.
He believes it islikely to reopen as a bottling plant if the deal proceeds.
The plant was passed in at auction in Rotorua last week at $2 million but the negotiated deal was for a sum significantly more than that, Mr Aston said.
The buyer had made an offer on the business before the auction but had not been able to bid because of the conditional nature of his deal.
"We're reasonably confident in the office that the conditions will be met."
The Eternal Springs 2598 sq m plant was one of the biggest in New Zealand at the time that it closed -- about six months ago -- with losses thought to be more than $4.5 million.
Matauri X, a Maori trust in Northland, had bought into the business in 2001 after borrowing $2.5 million from finance company Bridgecorp without the approval of shareholders.
The trust faces the prospect of having to sell some of its valuable tribal block at Matauri Bay to repay its debts.
