Mr Pietila confirmed yesterday that their joint venture company, Premium Land Pty Ltd, had exchanged contracts with the Albury-Wodonga Corporation for the 61ha of gently sloping land next to Beechworth Road.

“We hope to have the first 60 blocks on the market this year,’’ Mr Pietila said.

“It will make land available for Wodonga’s growth in the next five, 10 and 15 years.’’

When fully developed the suburb would have a bigger population than either Holbrook or Chiltern’s present population and would extend urban estates further south in the Castle Creek area.

The $8 million equals the price paid by JMP Developments in 2007 for 253ha at Huons Hill and Killara, though that land was zoned rural at the time and is seen as a long-term prospect for development.

The corporation’s other top price for urban residential land was achieved when Peter Bowen paid $7.3 million for 25.4ha for more than 270 lots at Thurgoona in March, 2008.

Charles Sturt University’s $9.155 million paid for its 87ha Thurgoona campus in 1995 remains the corporation’s most valuable single sale.

Mr Pietila’s companies and John and Andy Alatalo are the region’s biggest housing land developers, a role long held by the corporation.

Whenby Grange’s first 44 lots were created and sold by the corporation before it ceased its direct development role.

A permit exists for the next 60 lots, but not the likely balance of about 640 lots.

Chief executive Peter Veneris welcomed Premium Land’s purchase, which was placed on the market last May.

“We are pleased it has been sold at valuation, and reflects confidence in Wodonga’s growth,’’ Mr Veneris said.

Mr Veneris said that the corporation had excluded about 44ha of environmental land in the Whenby Grange area before the sale and transferred it to Wodonga Council and the Victorian Department of Sustainability and Environment.

Seven months ago Mr Pietila and Alatalo Brothers paid the corporation $2.3 million for 15.75ha at Baranduda for up to 140 homes, equating to $146,000 per hectare.

Whenby Grange has sold at about $131,000 per hectare but was not fully zoned residential as was the Baranduda site.

About 41ha is zoned residential, 15ha farm zone and 5ha rural conservation zone

Meanwhile, Mr Veneris reports strong interest in 40ha at Mitchell Park, Thurgoona, suitable for 480 homes, with expressions of interest closing on February 26.

The corporation’s remaining individual lots are selling fast, with 39 sold this year compared with 28 lots for the whole of last financial year.

Editorial — page 20