The deal, facilitated by Savills on behalf of Renault, secures a strategically important plot that has operated as a car dealership since the 1990s.

The 52,000 sq ft site, which currently houses a showroom and surface car parking, represents the next phase in Salboy's ongoing transformation of the Trinity Way and Greengate corridor.

Salboy’s scheme on the Renault site will be its fifth development in eight years in the Greengate area, including a 26-storey tower due to complete in 2026.

Two of these developments sold out pre-completion, demonstrating the demand for quality homes in this location.

To date, Salboy has delivered new residential and commercial property worth in excess of £185m GDV to the local area.

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"We're excited to finalise this deal, which allows us to continue our regeneration work in an area where we've already demonstrated our commitment to creating remarkable places," said Simon Ismail, co-founder and managing director of Salboy.

"This site represents an excellent opportunity to deliver another high-quality development that contributes to the ongoing transformation of Trinity Way."

Ed Rooney, director at Savills, commented: "Savills are delighted to have concluded this deal with Salboy on behalf of our clients, Renault.

“We are excited to see the scheme for the site come to fruition and look forward to working with the Salboy team over the next few years as our clients hand over the site on the agreed basis."