St Modwen has exchanged contracts with Jones Homes, part of the Emerson Group, to sell the first phase of the residential element of its Vulcan Works site in Newton-le-Willows.
The price was not disclosed for the deal, which is subject to St Modwen gaining planning consent for the scheme. A detailed planning application has been submitted to St Helens Council for 138 homes to be built at the £100m urban village development. The 50-acre site, where rail locomotives were once built, will include a total of 630 homes, retail and community facilities.
Nick Whittingham, land director at St Modwen, said: "This sale is a real indication of recovery in the residential market.
"Major demolition and remedial work has been undertaken by the Buckingham Group over the last two years. The project has been challenging because the site has seen nearly 170 years of industrial use and we are very grateful for the ongoing support we have received from the Environment Agency and St Helens Council."
Joe Savage, regional director at Jones Homes, said: "Jones Homes is delighted to be involved in this project and are looking forward to the successful completion of its purchase as part of the company's ongoing acquisition programme in the north west".
The site is owned by KPI, a joint venture between St Modwen and Salhia Real Estate Co.