It is in joint venture with Investec Structured Property Finance on the 20.5 acre land deal, located on the A33, close to junction 11 of the M4.

The site benefits from existing planning consent for 425,000sq ft of distribution and is also allocated in the local plan for mixed-uses including residential, commercial, leisure and small scale retail.

Kier proposes to develop a mixed-use scheme comprising 250 new homes of mixed tenure on 11 acres, and a hotel and light industrial, trade counter space on the front 9 acres.

The completed scheme is expected to have an end value in the region of £75m.

Leigh Thomas, director for Kier Property, said: “We are delighted to be in a position where we can announce the purchase of this site.

“Our team, advised by Haslams’ Reading office, has worked extremely hard to make this deal happen and we are very proud to finally confirm this site purchase.

“We plan to progress very quickly and will be submitting planning in early January, with a view to start in the summer of 2015.”