Cross Keys Homes, based in Shrewsbury Avenue, Woodston, has acquired the development from the Peterborough Investment Partnership (PIP) and will now ensuring the delivery of 315 high-quality homes.
The sale has been agreed with Peterborough City Council over the last few weeks.
Claire Higgins, chief executive of Cross Keys Homes, said: “We’re delighted to be able to make this development a reality for the residents of Peterborough.
"This well-designed scheme will offer modern city centre living, just minutes from the train station and key amenities, with all homes available for affordable rent.
"CKH has the strong financial base, development experience, and connection to the community required to deliver this scheme and help hundreds of people find the homes they need to support their aspirations.”
As the new landowner, CKH will be reviewing the details of the plans for the brownfield site and intended schedule of works over the next few weeks to ensure construction on the one, two and three bedroom homes and two accompanying commercial retail units can begin in earnest this summer, following the completion of the enabling works currently underway.
The Peterborough Investment Partnership (PIP), who are also responsible for the vision behind the development at Fletton Quays, was instrumental in bringing forward the development and have fully endorsed CKH as the onward developer for the Northminster site.
David Taylor, board member of PIP, said that “We are delighted to select CKH to take Northminster forward.
"They share our vision for the scheme, commitment to the city and have an excellent track record of delivering quality homes that support our growing communities here in Peterborough.
"I know CKH will deliver a scheme that is as great a success for the city as Fletton Quays has been, and am confident we couldn’t have been working with a better partner.”
Peterborough City Council leader Councillor Wayne Fitzgerald said: “Cross Keys Homes are a well-known name in the city with a very good working knowledge of Peterborough.
"They are the right developer to lead on Northminster.
"I can’t wait to see this development completed.”
The first homes at Peterborough Northminster are due for completion early summer 2024.