Royalton Group and Frogmore have bought an 8.3-acre development site at Salford Quays from TH Real Estate to create a residential district of more than 1,000 homes.
Plans for the waterfront site, adjacent to MediaCityUK, are expected to be submitted by the end of 2018 and are being developed by Simpson Haugh Architects.
The space is currently used mainly for car parking alongside a group of low-rise office buildings known as the Media Centre, which are proposed to be demolished.
The Holiday Inn Express on the site was not included in the purchase.
Salford City Council said it expects the site to deliver “significant contributions” for community infrastructure and “truly affordable” housing.
Ken Parker, founder and chief executive of Royalton, said: “This is an exceptional opportunity to create a world class address and we are incredibly excited.
“To have more than eight acres of waterfront land in the fastest growing city outside of London is a unique opportunity and we will make this a wonderful place to live.”
Paul Dennett, mayor of Salford, added: “Investment and development of this scale bring huge benefits, opportunities for employment and skills training, apprenticeships and the benefits to the local supply chain, whilst also helping to fund other social outcomes.”
The GDV of the site is understood to be between £300m-£350m.
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