The Commercial Hotel site in Whakatane has a new owner.

Bay of Plenty Regional Council has confirmed the sale of the property to a Whakatane businessman, who it said had bought it with an eye to develop it in line with the council's town vision for that area of the CBD to be a tourism hub.

Regional council property manager Annabel Chappell said the property would officially change hands in a few months' time.

"We're pleased to see the property sold, and especially for its ownership to remain in the community. As the new owner works through their development plans, I'm sure they will release further information about this."

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The regional council said in line with the buyer's wishes, it would not release further details about the sale price or the new owner.

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