Walker Corp, one of the nation's major property developers, will be folded into rival Australand Holdings early in January after share and option holders voted strongly in favour of the $245 million sale of the company on Thursday.

With the founder and managing director, Mr Lang Walker, holding around 45 per cent of the company, the outcome was little in doubt. However, under the scheme of arrangement being used to sell the company, the sale had to be approved by a majority of share and option holders independent of Mr Walker.