Cheshire West & Chester Council has approved plans for a £40m residential development in Cuddington.
Ainscough Strategic Land proposes 156 family homes, new allotments and public spaces and a wildflower meadow, on a former Nestle yoghurt site.
ASL, which acquired the site from Nestle in 2009, will now market the scheme to house builders and anticipates completing a sale in summer.
Nigel McGurk, managing director of Ainscough Strategic Land, said: "Cuddington is a fantastic village. Its services, rural setting, Cheshire postcode and excellent commuter links to the region's cities, means that this is easily one of, if not the best residential site in North West England.
"Regardless of what is happening in the housing market, a site like this is always a very attractive proposition. We have already received very significant interest from the full range of high quality developers.
"To take a complex brownfield site like this through planning, inside two years, is a significant achievement. As a result of 18 months consultation and close working with a positive local authority, we now have a high value site. Crucially, this is complemented by a supportive local community and approved proposals that will deliver significant long-term benefits to Cuddington."
The approved plans will also deliver a new controlled junction with direct access into the site from the A49, new permanent classrooms for the local primary school and new public spaces.
Located on the northern edge of Cuddington, the factory site has been vacant since 2007 when Nestle withdrew its operations to mainland Europe.
Ainscough Strategic Land was established in October 2007, following the sale of Ainscough Crane Hire by entrepreneur Martin Ainscough.
The company specialises in the acquisition, masterplanning and promotion of land and property for sustainable development across the UK.
ASL's portfolio includes a 40-acre greenfield site in Bishop Auckland, Durham, and a 37-acre brownfield site in Leyland which has already secured permission for 471 new homes.
Manchester-based HOW Planning, Taylor Young and Royal Haskoning advised Ainscough Strategic Land.