Central Otago property development company Universal Developments bought the 12.6ha site from Waste Management Ltd earlier this month.
It only took two weeks to sell, inquiries coming from 35 parties.
It has been estimated the site, which runs beside State Highway 1, could be developed into about 100 sections of between 700sqm and 900sqm.
Universal Developments, owned by Lane Hocking, has four other developments under way in Wanaka, Lake Hawea and Queenstown, providing about 2000 sections.
There was demand for well-built homes and sections through out the Otago region, Mr Hocking said.
It was hoped a design plan would be ready by the middle of next year, and construction and sales would start by late next year, Mr Hocking said.
That would mean the development was on track to have titles issued by the end of 2023.
The company was actively looking to buy other sites in Dunedin to develop, Mr Hocking said.
"We are excited about moving into Dunedin and we think Walton Park is a really good place to start."
