Birmingham-based land regeneration specialist Cofton has announced its largest land transaction for £63 million cash.
The 73 1/2-acre site in Middleton, south Leeds, will be used to create a mixed-use development, which includes 1,300 new homes.
The greenfield site was purchased from Leeds City Council and will be divided into smaller a parcels of land for the house building industry. Outline planning permission has already been granted and Cofton has secured sales with Barratt, Bellway, David Wilson Homes and George Wimpey.
The regeneration specialist will also contribute financially to a local school, public transport, a village square and landscaping as part of a Section 106 agreement with the council to secure planning permission.
It is expected that the first phase of development will start in April and is expected to be completed by 2013.
Peter Nelson, Cofton's managing director, said: "This deal represents Cofton's largest ever single transaction and emphasizes our ability to fund major acquisitions.
"We are delighted to be working with Leeds City Council on a project of such scale. We hope that our first acquisition in Yorkshire will give rise to more opportunities for Cofton in the region."
Martin Blackett, senior surveyor of Leeds County Council said: "This project is unique for us because of its huge size. It will bring much needed public infrastructures such as a new school, sports facilities and recreational open space to South Leeds."
Chris Burton, managing director at Barratt said the development was one of the most exciting Leeds has seen.
"This is the first time that four of the UK's leading developers have come together to deliver such a truly unique concept to the Leeds market," he said.
Cofton typically specialises in the acquisition, regeneration and disposal of brownfield sites across the UK.
The company employs over 140 people and has an annual turnover of over £60 million. Clients include The Berkeley Group, Redrow and Barratt.
Cofton's current projects include 1,365 new homes in Costessey- the largest single development land deal in Norfolk - and 3,000 homes in a 436-acre former quarry in Corby, Northamptonshire.
The company is also developing an opencast coalmine site in Llanilid, near Bridgend.
A third of this development has been reserved for Dragon International Studios, the film company which, with Richard Attenborough as its chairman, hopes to develop the UK's largest studio complex at the site.