Leigh-based Ainscough Strategic Land has completed the purchase of a 13.3 acre brownfield site in Whitchurch for an undisclosed sum.
The former dairy production site is situated on the edge of the town, which has been identified as a suitable settlement to accommodate additional growth as part of Shropshire Council's core strategy.
The site was purchased from a local resident and was once a quarry used for brick manufacturing in the early 19th century.
ASL has identified the land as holding potential for residential development, including executive style homes as well as affordable housing.
The firm is hoping to submit a planning application in the spring, following consultation with the local community.
The site, which sits close to other residential properties and the MacDonald Hotel, Spa & Golf Course, has been vacant since operations ceased there more than ten years ago.
Many of the existing buildings have been demolished, and the site has become subject to vandalism and anti-social behaviour as a result of the increasing level of disrepair.
The Whitchurch investment follows ASL's recent purchase of a 17-acre site in Tytherington.
Paul Martin, managing director at Ainscough Strategic Land, said: "Whitchurch has been identified as a town with the potential to grow, and investment in derelict eye-sore sites like this one will not only help to fill a housing requirement, but will successfully regenerate an area of land which has long been forgotten, adding significant value to the surrounding businesses and residential developments.
"We are very experienced in dealing with difficult sites such as this and are looking forward to starting the consultation process so we can fully understand the needs of the local community and key stakeholders in the area."
Chris Parkinson, partner at Brabners Chaffe Street, acted on behalf of ASL.