Salford City Council will pocket £18.5m from the deal, the authority’s largest ever capital receipt.
The council’s share of the £40m sale price amounts to 47%. The remaining 53% will go to MHE Investments and two of its associated vehicles. MHE is the leaseholder of the 63-acre Little Hulton site and the council is the freeholder.
Salford and MHE entered into a collaboration agreement in 2018.
Bellway’s acquisition of Brackley Golf Course will formally complete next week. The housebuilder has purchased the site with planning consent for 677 homes.
MHE won permission for the residential development last year.
The planning consent required no on-site education provision from the developer at the time. However, Salford intends to seek a section 106 contributions of around £4.5m, according to council documents.
The former golf course, which straddles the boundary between Salford and Bolton and closed in 2016.