Taylor Wimpey has bought the Chilton Woods development site on the edge of Sudbury, Suffolk, from the county council for £35m.
The deal was set to exchange in March but had been delayed due to coronavirus.
The development will see 1,150 homes new homes built, 25% (or 288) of which will be affordable. A new primary school will be built alongside a village centre, local shops, a pub and a village hall. Some 50% of the site is allocated as green spaces.
The completion of the sale is expected in the next six months.
Outline consent for the project has already been secured but Taylor Wimpey will now have to bring forward final plans for the development for approval by Babergh District Council.
Deloitte Real Estate advised the council on the sale.
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