National Grid has sold approximately 38 ha of land near Ebbsfleet Green in north Kent to Redrow Homes.
The site, about 700 m from Ebbsfleet International Station, has been sold with a purchase price of “at least £32m”.
Redrow has acquired the land with a resolution to grant planning permission for up to 1,500 homes and 22,000 sq m of commercial space.
The acquisition was structured as a joint venture under which Redrow will secure planning permission for and build other mixed-use projects in north Kent over the coming decade.
DLA Piper advised National Grid on the deal.
Legal director of DLA Piper Ben Taylor said the deal was a “significant milestone” in their joint venture programme.