Chorley-based investor Northern Trust has sold 16 acres of greenbelt land in Lancashire to the housebuilder for an undisclosed sum.
Northern Trust secured outline planning consent in 2016 for a residential scheme at Spring Meadows, and Persimmon has since won approval for a 168-home development despite initial concerns from local councillors.
Although the site lies within designated greenbelt land, it is allocated in the council’s local plan for housing development, and borders another housing site to the north which is currently being developed.
Persimmon is required to pay £1.5m for primary education as part of a Section 106 agreement for the project, which will comprise a mix of two-, three- and four-bedroom homes.
The professional team includes FES Group, Redmore Environmental, Appletons and ERAP.
The site was marketed for sale by Savills.
Mike Grindrod, director at Northern Trust, said: “We have worked closely with Persimmon Homes to bring this new development forward, which will bring investment into the area.”
Work on the site is expected to start in the coming months subject to restrictions around the Covid-19 outbreak.
Northern Trust has a history of buying sites, winning planning approval for them and then selling them on to developers. A similar deal this month saw the sale of 10 acres of land in Weeton to Leyland-based housebuilder Concert Living.