Full planning permission is expected to be granted shortly, following completion of the Section 106 agreement for the site on the northern edge of the town.
The homes will be a mixture of two, three and four-bedroom houses with a proportion allocated as affordable for first-time buyers.
Included in the scheme could be a community centre or village hall plus, playing fields.
Simon Perks, managing director for Persimmon Homes South West, said: “This is the first time we have proposed to build here and are excited at the prospect of developing in this area.”
He said: “This site, which will include an element of affordable housing to help local people remain close to their roots, will also bring about much needed opportunities to the area such as job creation and benefits to the wider community via our Section 106 contributions.”