The deal will see around 120 acres of land built out for housing over the next five years and is expected to have an end value of around £300m.

Persimmon chief executive Mike Farley said: “This joint venture will provide Persimmon with a steady long-term supply of plots across England and Wales from St. Modwen’s well-located landbank.”

Further schemes will be added to the joint venture as planning permission is granted.

Bill Oliver, chief executive, St. Modwen said: “We are very pleased to have reached an agreement to joint venture this land with a sector leading house builder with whom we can work to accelerate the delivery of quality housing from our portfolio.”