Barnfield Construction and Real Estate Development Partnerships' first project will be the redevelopment of a pub in Horwich.
The joint venture will be known as Barnfield Real Estate Partnership, and has agreed to buy the former Greenwood Arms Public House with work due to commence later this year.
The pub will be demolished in order to clear the 1.3-acre site, which will then see a 4,200 sq ft retail unit and three 1,000 sq ft units developed, with a Morrisons local store secured as the anchor tenant.
The redevelopment also includes three one-bedroom apartments as well as 13 three- and four-bedroom houses.
Real Estate Development Partnerships specialises in the delivery of complex mixed-use developments with offices in Manchester and London, while Barnfield is based in Lancashire and provides construction services across commercial, industrial, retail and residential projects. Barnfield will act as funder and contractor on the schemes, while Real Estate Development Partnerships will act in a development management role.
Simon Gallanders, development surveyor of RED, said: "Barnfield's knowledge and expertise in the construction arena is second to none and we are optimistic that our combined experience in delivering a variety of developments over a number of years will serve us well in this new venture. The fact that Barnfield has a dedicated homes division means that we have the ability to look at a variety of opportunities, incorporating a mixture of uses."
Tim Webber, managing director of Barnfield, said: "We are pleased to be joint developer and funder of this exciting development and we are hopeful that it is the first in a long line of projects which we can deliver in partnership with Real Estate DP."
A phased approach to the project will see the commercial element of the scheme concluded in January 2015 with the residential units being available from summer 2015.
Ward Hadaway is the solicitor acting for the joint venture.