Investment and asset management company Praxis has acquired a 95-acre Blackburn site and announced plans to develop a 1m sq ft mixed-use scheme.
Praxis bought Whitebirk 65, which is three miles east of Blackburn town centre, for £3.6m from a private family trust.
The site has existing consent for a development of 870,000 sq ft that was granted in 2010. However Praxis said it will reconfigure the masterplan and shortly submit a planning application seeking permission for 1m sq ft of industrial, retail and residential uses.
The site will be re-branded PARK 65.
Other Praxis development sites include the Airfields scheme in Deeside, which has planning consent for 2m sq ft of industrial space and 725 residential units, and the 140-acre Aldermaston Park estate in Berkshire, acquired in January this year.
Simon Dixon, development manager at Praxis, said: "We are excited to have acquired the site and look forward to working closely with Hyndburn Council, Blackburn with Darwen Council and Lancashire County Council in order to deliver this important regeneration project."
Praxis was unrepresented in the deal while the vendor was represented by Matthew & Goodman.