The developer has acquired 55 acres north of Congleton town centre from Richborough Estates, to redevelop into a mixed-use scheme featuring 250,000 sq ft of commercial space and 175 homes.
Cheshire East Council granted Richborough consent for the project last week and the land promoter has now exchanged contracts with Derbyshire-based Clowes Developments to sell the site.
The commercial element, known as Viking Park, is to comprise 37,000 sq ft of offices, 93,000 sq ft of light industrial use, and 126,000 sq ft of warehouse accommodation.
The site, which sits on the edge of Congleton Business Park, was put up for sale last November.
Alongside the residential element, a neighbourhood retail centre is planned, including a 19,000 sq ft foodstore.
The project is expected to inject further funding into the £90m Congleton Link Road project, a priority for Cheshire East that is due for completion this spring, through section 106 contributions.
Avison Young is the planning consultant for the project and Pegasus Group provided design input.
Nick Jones, regional director at Richborough Estates, said: “We have secured planning permission and the sale to Clowes within just weeks of bringing the site to the market.
“This is set to be a really high-quality scheme for people to live and work and supports Cheshire East’s aim of delivering employment-led growth, homes and community infrastructure.”
Marc Freeman, director at Clowes Developments, said: “We are confident that development of the site will provide a number of economic benefits through the extensive commercial, employment, and residential uses.”
Savills and Legat Owen acted for Richborough on the land sale and Hinson Parry acted for Clowes.
Occupiers at the neighbouring Congleton Business Park include discount retailer B&M, supermarket M&S Food, car parts retailer Halfords and pharmacy Boots.