Two weeks ago new Kier chief Andrew Davies revealed the construction group aimed to sell its housing business and wind down its property arm while cutting 1,200 jobs.
The sell-off aims to bring down debt levels which have risen again to an average month-end level of £420m-£450m.
Bellway Homes has emerged as the first house builder to strike a deal with Kier for some of its land bank.
Kier Ventures , a subsidiary of Kier Property, has agreed to sell 20 acres of development land in Saffron Waldon to the house builder.
The site sits on the outskirts of Saffron Walden, close to a leisure and fitness centre.
Kier acquired the site in 1993 and obtained outline planning permission for the development of up to 150 dwellings in April 2019.
In a separate deal, Kier Property has also offloaded major plots to unnamed buyers at its Kier Park former Royal Mail sorting office site in Hemel Hempstead.
With a development pipeline of £1.8bn in the UK, Kier Property has projects across all asset classes. In the urban residential sector it has a pipeline of 3,900 homes.