Housebuilder Riverdale Developments has purchased a 26-acre Green Belt site in Sunbury, Spelthorne borough, Surrey from Wates Developments.
The site has a gross development value of £30m, while Knight Frank arranged the sale.
With a long planning history, the site has detailed permission for 38 extra care and 28 close care units, as well as outline planning for 98 extra care units and a care home with up to 60 beds.
Nick Laugharne, operations director in land & residential investment at Wates Group, said: “We’re delighted to have completed this sale to Riverdale Developments, who share our commitment to award-winning homes and communities.
“This sale is a great result for the business and demonstrates once again how we’re able to adapt our strategy to generate a strong outcome for the business.
“We’d like to thank Riverdale Developments and Pyxis Land for their speed and professionalism in getting this over the line and wish them the best of luck with their application”
According to Knight Frank, there is further potential for the site to become a residential-led housing scheme of more than 100 units, subject to achieving planning consent.
Nick Alderman, head of central London land agency at Knight Frank, said: “It was a pleasure to facilitate the sale of this important site.
“Recent policy changes designed to ease planning on ‘Grey Belt’ sites has helped to boost development opportunities.
“Greater London’s housing delivery is significantly behind target, so it’s great to know our advice and the success of this transaction will make a positive contribution to addressing this shortage.
“We wish Riverdale Developments every success with their venture and look forward to seeing the development progress.”