Regeneration group Galliford Try Partnerships has paid £13 million for a former greyhound track in Birmingham which is to be replaced with new housing.
Work to demolish Hall Green Stadium can now begin after city planning chiefs awarded the green light to raze the 1920s facility and replace it with a 210-home estate.
The stadium was acquired in 2014 by Euro Property Investments for a reported £3 million which then lodged plans in 2016 to knock it down.
The track, which opened in 1927, hosted its last races in July.
Chris Jones, head of residential land at Harris Lamb which sold the site, said: "This opportunity attracted a huge amount of national interest from developers.
"As one of the largest residential sites available in a high-quality suburb of Birmingham, within easy reach of the city centre, local motorway and rail links, development will be largely family homes.
"These opportunities are scarce in Birmingham.
"With the arrival of HS2 in 2026, together with new major office developments over the next few years, this area is primed to be a hub for commuters working in Birmingham and beyond.
"Awareness around this site has been widespread and, with so much need for new homes in Birmingham and the surrounding area, we are delighted to have overseen the purchase and subsequent sale in order for that demand to start being met."
James Warrington, divisional director at Galliford Try Partnerships, added: "We are delighted to have completed the acquisition of Hall Green Stadium.
"We will be using our expertise to develop a quality range of new homes, with preliminary work due to start this month."