SYDNEY-based property developer Lang Walker has paid a speculated $10 million for a 30 hectare parcel of land, once part of Amcor’s Petrie paper mill, in Brisbane.

The off-market transaction is understood to have occurred in May. It’s reported Mr Walker will develop the estate, about 23 kilometres north of Brisbane, in three stages.

“Demand has already proven strong,” Mr Walker told The Australian. “With very limited marketing, we have already sold a third of the stage of the estate to businesses and investors from the local area.”