Redrow Homes has acquired nearly six acres in Altrincham with outline planning permission for up to 70 homes.
The house builder bought the plot in Stamford Brook Road, Timperley, from Trafford College, whose campus is next door.
The Manchester offices of real estate advisors Colliers International and property consultants Guest Garsden offered the site for sale by informal tender on behalf of Trafford College.
Victoria Murray, head of land and planning for Redrow Homes NW, said: "We have a strong track record of delivering homes that meet the needs and aspirations of Altrincham's homebuyers. Our Stamford Brook development continues to prove extremely popular. As such we are delighted to have acquired this neighbouring site, which will enable us to bring even more high quality family housing to the area.
"Our proposed new development will not only continue to satisfy the strong local demand for new homes, it will also provide a further boost to the economy with the creation of construction jobs."
Mike Brassington, director, development consulting and agency at the Manchester office of Colliers International, said Redrow's selection followed a high level of interest and bids for the site from housing developers. He said: "The site represents an outstanding development opportunity and was of significant interest to house builders such as Redrow capable of providing a broad mix of quality family housing sympathetic to a well-established residential area.
"We correctly predicted a great level of interest from housing providers wanting to address the shortage of new family properties in Greater Manchester and the wider North West.
"A shortlist of the tendering parties was interviewed following the Informal Tender date. A comprehensive robust criterion was used in selecting the purchaser including not only price level but track record and deliverability of the proposed housing scheme."
John Broadbent of Guest Garsden said: "The site provided a unique opportunity for the North West residential developer market to build upon the success achieved to date at Stamford Brook in a proven and established residential area.
"We were genuinely astounded by the level of interest created. This sale demonstrates the growing appetite and demand for residential development land and is a further sign of the recovery in values we are witnessing."
Michelle Leslie, vice principal at Trafford College, said: "The college has an ambitious accommodation strategy aimed at providing our community with inspirational learning environments. The proceeds from the sale will enable us to continue with this work and support the local economy, in particular by providing a centre of excellence for science and technology."