Telereal Trillium has sold 18.3 acres of a former Department for Work & Pensions site in Lytham St Annes to Marcus Worthington Group for £9.5m.
Outline planning consent for the redevelopment of the Heyhouses Lane site was secured by Telereal Trillium in October 2012 and provides up to 250 new homes together with 30,000 sq ft of retail space, and an 85-bed retirement and care home facility.
Supermarket group Booths agreed a lease on the retail space.
Russell Worthington, development director of the Marcus Worthington Group, added: "Heyhouses Lane is an extremely important regeneration project for the area and we have a real desire to create a vibrant community here by delivering a sympathetic scheme that will enhance the town both visually and economically."
The site once housed the famous computer nicknamed Ernie which selected prize winners under the Premium Bonds scheme.
Hewlett Packard remains in occupation of 10 acres of retained land at the southern side of the site.
GL Hearn represented Telereal Trillium.