Urban&Civic has bought freehold land at Priors Hall in Northamptonshire for £39.9m.
The existing consented land extends to 907 acres in two local authority areas, Corby Borough and East Northamptonshire District.
Separately, Urban&Civic has acquired a further 58 acres of mostly contiguous woodland for an additional £550,000 to take the total invested to £40.5m.
"Priors Hall offers exceptional upside for shareholders and demonstrates the ability of Urban&Civic to work through large site challenges that other developers often find too daunting," chief executive Nigel Hugill said.
At 9:30am: (LON:UANC) Urban Civic Plc share price was -1.25p at 263.5p