The Hewitts Industrial Estate in Cranleigh, Surrey, has been sold to Miller Homes for £16.5m.
The site has outline planning for 120 homes and was sold by Knight Frank for a private institutional client.
Affordable housing will make up 30% of homes on the 7.5-acre site.
David Jones, south-east residential development partner, Knight Frank, said: “The sale represents the culmination of three years of development consultancy and planning negotiations, resulting in a substantial sale price.”
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