Ainscough Strategic Land has sold 17 acres in Tytherington, Cheshire for more than £13m to Redrow Homes.
ASL acquired the development site in May 2012 from Allied Irish Bank for £4.5m. ASL subsequently secured planning permission for 162 new homes on the site in April 2013, and finalised a Section 106 agreement in December 2013.
Paul Martin, managing director of Ainscough Strategic Land, said: "This is one of the most profitable and high profile strategic land deals ever completed in the North West. The fact that we were able to take the site through a vigorous planning process and complete a sale in less than 22 months is very impressive."
Alex Wood, land director for Redrow Homes North West, said: "This site forms an important part of our ongoing expansion strategy. It is ideally situated in an up market area of Cheshire making it perfectly suited to our award winning Heritage housing range. It was a pleasure working with ASL – their attitude and attention to detail made the acquisition process very simple. They delivered the site with all planning and legal matters concluded in an efficient and professional manner."
Emily Williams, planning expert within the Manchester office of Irwin Mitchell, provided legal advice for Ainscough in relation to the 106 agreement.