The local authority's cabinet has voted to go ahead with a proposal to dispose of the land off Earl Road to the Alderley Edge-based property investment and development company.

Chesire East previously formed an arms-length company, Engine of the North, to develop and market sites in the area for housing and employment purposes, as well as maximising capital receipts.

During 2014, Engine of the North and its commercial property adviser CBRE undertook a marketing exercise for the Handforth plot, which generated expressions of interest from 37 parties.

Darran Lawless, managing director for Engine of the North, said: "A detailed evaluation and due diligence exercise was undertaken, concluding in a recommendation to the council that CPG Development Projects be selected as the authority's preferred purchaser for the 14-acre site off Earl Road."

Councillor Peter Raynes, cabinet member for finance, said: "This proposal fits in well with the council's strategies for creating jobs and nurturing economic growth and will give a significant boost to the Cheshire East economy.

"The proposal from CPG unlocks a key development site for an 'exemplar' mixed-use development scheme, which will generate a substantial number of jobs, both during the construction phrase and beyond."

Part of the Earl Road site already has planning permission for a Next retail store. CPG's proposals for the remainder of the site include the development of further retail along with a public house and drive-through restaurants.