PROPERTY magnate Lang Walker has added surplus land from a Brisbane paper mill to his $3 billion portfolio of industrial development across Australia.

Mr Walker has emerged as the $10million buyer of 30ha of land that was part of Amcor's Petrie paper mill.

Amcor, which had previously sold part of its 200ha site to FKP, went to market with the 200 Dohles Rock Road land a year ago.

Mr Walker is understood to have made his purchase in an off-market deal in May.

The price has not been disclosed but is understood to be around $10m.

Mr Walker is currently going through an approvals process for his industrial development, but in typical Lang Walker style he has already sold a third of the first stage of the three-stage estate.

"Demand has already proven strong," Mr Walker said.

"With very limited marketing, we have already sold a third of the first stage of the estate to businesses and investors from the local area."

Mr Walker said there would be an official market launch early next year.

The land is located 23 kilometres north of the Brisbane CBD.

Cashed up after the sale in 2006 of about $1bn of property assets to Mirvac, Mr Walker is currently involved in some of Australia's largest industrial park developments.

His $1bn Citiswich Business Park near Ipswich, west of Brisbane, is in the process of delivering more than 45,000sqm for major tenants Australian Pharmaceutical Industries and The Reject Shop.

Walker Corporation is only weeks away from completing and handing over API's new 19,000sqm distribution facility. A 26,000sqm Reject Shop complex was started in June.

Big names attracted to the Citiswich complex include Australian Wood Panels, Australian Hardboards, Hume Masterpanel and Capral Aluminium.

Last month Walker Corporation completed a major upgrade to Ashburn and Bognuda streets, which are the main thoroughfares through the first stage of the estate.

In Canberra, Mr Walker has already signed more major tenants at his $100m Monaro Industrial Park, which is the ACT's first masterplanned industrial estate.

Major listed infrastructure group Downer EDI and local trucking company Innaimo Transport have followed Grace Records Management to the park.

Author: Maurice Dunlevy
Publisher: News Ltd
Publication: The Australian, Page 33 (Thu 29 Oct 2009)
Edition: 2 - All-round First
Section: Features