Addleshaw Goddard's Manchester Real Estate team has advised Alderley Park on its sale of 13 acres to developer PH homes.
PH Homes plan to use the land for a development of 74 prestige family homes, which is the first residential phase of the £160m plan for the site, which will will eventually see up to 275 homes, new sports and leisure facilities, including a gastro pub, hotel and farm shop.
Lucy Butterworth, Legal Director in Real Estate, says: "We are delighted to have advised Alderley Park on this significant deal. Alderley Park is a historic site and this is an important deal for the region, facilitating the creation of a new community in Cheshire. As a team we are dedicated to the local region, and are pleased to have to continue to advise Alderley Park, since first acting on the acquisition of the site back in 2014."
The deal is due to complete at the end of September 16. Construction work on the development is expected to get underway early in the New Year, with available from December 2017.
Alderley Park, which is owned by Bruntwood and Manchester Science Partnerships (MSP), is a 400-acre site in Cheshire by Cheadle, and became a science park after it was vacated by Astra Zeneca in recent years.