Progress may be on the way for a long vacant plot of central Wellington land

The site of the old Tip Top bread factory in Newtown has sat empty for over a decade.

It was planned as a boutique retirement village, but plans never got off the ground, with Ryman Healthcare selling the land earlier this year.

Now, property records show it's been purchased by rich-list property developer Kurt Gibbons, who's built a number of luxury townhouse developments across the country under company Gibbons Co.