Sale of Wilton North almost two years in the making
Court documents reveal the sale of 870ha of land in the proposed Wilton North development precinct to the foreign-backed Country Garden Australia (CGA) had been in the works almost two years.
Macarthur
Don't miss out on the headlines from Macarthur. Followed categories will be added to My News.
- NSW Government rezones Wilton North precinct
- Wilton North: Bradcorp launch legal action against Country Garden Australia
- More than $700 million to be spend on Wilton infrastructure
- Wilton North development to create thousands of jobs
Court documents reveal the sale of 870ha of land in the proposed Wilton North development precinct to the foreign-backed Country Garden Australia (CGA) had been in the works almost two years.
However, the deal between Bradcorp and CGA fell through and two weeks ago it was revealed the two companies are set for a legal showdown.
The companies signed a contract, termed a “Put and Call Option Deed”, in February 2017.
Under the option, CGA was bound tothe purchase of the site, known as Wilton North, from Bradcorp, if certain conditions were met.
Bradcorp, the current owner of the site, executed the contract’s “put” option on December 4 last year and claimed CGA was bound to buy the site.
CGA is disputing the validity of the contract, and claims there were “unfulfilled commercial conditions”.
— Country Garden Australia acquire land near proposed M9 Outer Sydney Orbital
— Walker Corporation says no deal struck with Country Garden Australia
CGA says a number of conditions weren’t met, including the surrendering of mining-related activities on the site as well as the number of residential lots on the rezoned site.
The NSW Government rezoned the 870ha Wilton North precinct in November last year.
A CGA spokesman said in a previous statement to the Chronicle that despite the legal conflict it remained interested in the precinct.
“We are disappointed that Bradcorp has been unable to present the land in a way which will enable it to be developed in accordance with Country Garden’s vision, particularly given the significant investments made in the project by Country Garden,” a spokesman said.
“We remain very interested in North Wilton and are disappointed that the land is not presently able to be developed in the way that Country Garden had envisaged.”
In a previous statement to the Chronicle, Bradcorp chief executive Peter Brennan said the company was committed “to deliver something extraordinary for the people of Wollondilly”.
“Bradcorp is proud of its reputation, we have always met our obligations and always will,” he said.
“When others don’t they should be held to account.”
The matter will return to the NSW Supreme Court for directions on May 10.