LAND in Saunderton where the former Molins cigarette machinery factory once stood has been bought a company who plans to build a residential development.

The English Residential Land Partnership (ERLP sarl), the joint venture between funds advised by Europa Capital and St Congar Land, has completed the purchase of the land in Haw Lane.

In August 2009 the Molins factory was demolished to build a £500m data centre, but this project never got off the ground and the 50 acre site has been left empty.

ERLP sarl was created to acquire and promote residential and mixed use land predominantly across Southern England and bought the land near High Wycombe from e-Shelter for £7 million.

It purchases land at various stages in the planning process and will look to further the planning status in order to maximise value.

Steve Taylor, partner of St Congar Land, said: "The redevelopment of these redundant brownfield sites for residential use accords fully with the principles and aims of the National Planning Policy Framework in promoting the sustainable re-use of previously developed sites."