A site on the edge of Chichester earmarked for student flats could instead be developed for residential housing.
Planning permission for the 521 units on a disused brownfield site at the Portfield Trading Estate north of Oving Road was granted by Chichester District Council in 2017.
The land is next to the Shopwyke Lakes site currently being developed for more than 500 homes.
The five-acre site has been acquired by The Residential Land Partnership, managed by Schroder Real Estate in association with Palmer Capital/Danescroft.
Danescroft says it will be seeking an alternative planning consent for a substantial residential development, supported by the local planning authority.
Chris Button, head of value add REIM at Palmer Capital, said: “We are pleased by this new acquisition and look forward to working with planners to deliver a scheme which responds to the local demand for housing.”
James Trelfa a director at Danescroft, added: “As one of their most active partners, we are delighted to have concluded this third transaction with Palmer Capital’s Residential Land Partnership.
“Planning consent has recently been granted on our Newport Pagnell site for 77 residential units, within six months of unconditional purchase and we look forward to enjoying similar success in Chichester.”