Henry Boot’s development arm Hallam Land Management Limited has been sitting on the 2.5 hectare plot since receiving planning permission in 2009.
Henry Boot has also sold Ayr Central Shopping Centre for £33.8m to Sovereign Land and AREA Property Partners.
Group Managing Director Jamie Boot said: “The completion of these two transactions will result in the Group moving to a net cash position.
“These deals were included in management’s forecasts for 2011 and confirm that the market for high quality retail assets and green field development sites in good housing locations is reasonably strong. Completing these transactions so early in the period is very pleasing and gives us a strong start to the year.”