London Square has bought a 15-acre residential development site from local authorities in Surrey for more than £20m.
The former De Burgh School playing field has detailed planning permission for 186 homes, comprising 141 private homes and 45 affordable units.
The site comprised two freeholds, one owned by Surrey County Council and a smaller site owned by Reigate & Banstead Borough Council.
Knight Frank advised the local authorities. Partner Daniel Ward said: “This site is strategically significant to the regeneration of the Preston Estate and will be the largest single development in the area.”
Natalie Bramhall, executive member for property at Reigate & Banstead Borough Council, said: “This sale has already helped towards financing the new Tadworth Leisure and Community Centre and a range of other improvements to the Preston area as part of our ongoing regeneration project.”