Risland (formerly known as Country Garden) has settled on a 58.9ha parcel of land in Wilton previously being developed by Walker Corporation.
Risland have paid $66.7M for the site which has an approved subdivision for 696 residential lots. The deal effectively prices the raw land at $95,800 per lot or $1.1m per ha.
The estate, known as Wilton Greens was officially launched by Risland in early October, securing over 105 lot sales within its first 3 weeks.
The masterplanned community is 80 kilometres south-west of Sydney’s CBD and will eventually be home to more than 12,000 residents.
Walker Corp originally consolidated 15 parcels of land in the precinct to hold over 430ha of the Wilton South East Precinct. Walkers, together with 2 other major land owners pursued the rezoning of Wilton Junction and the various planning approvals for the precinct over the past 6 years.
It is not clear whether Risland have locked up the balance of Walkers land.
The deal with Walker Corp was previously denied when in 2018 embattled MP Daryl Maguire was reported to have brokered property deals and sought kickbacks from Country Garden Australia.
Risland had also secured an alternative major site on the western side of the freeway from local developer Bradcorp however a dispute arose after it attempted to pull out of the deal, later winning a court case and recoup its $29.7m deposit.
In turning their attention to Wilton Greens, Risland have kicked off the marketing process and expect construction to commence later this year. Prices of lots in Stage One range from $239,000 to $372,500 with land sizes between 275 to 540 sqm.
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