The 53-acre site, close to the villages of Wheatley and Holton, has outline planning consent for 500 homes.
The development will provide a mix of houses, from two to five bedrooms, along with some apartments. There are also community facilities planned, including a sports pavilion, bowling green and cricket pitch.
Crest Nicholson hopes to begin works at the end of 2024, with the first completions to be expected in autumn 2025.
Crest Nicholson South land director Nicholas Daruwalla said: 鈥淭his is a key purchase for Crest Nicholson, given the site鈥檚 prime location and scale. It is in close proximity to major employment, retail, leisure, and education hubs, making it a highly desirable location. These characteristics, coupled with the area comprising high levels of housing demand and low levels of supply, makes this deal an important purchase for the business.鈥�
The university was advised by CBRE on the deal. CBRE director Jasper Masters said 鈥淭he Wheatley sale represents the largest single family housing site to have exchanged in the UK since last September鈥檚 mini budget. A sale of this nature will provide the development land market with a strong sense of optimism.鈥�
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