Eutopia Homes intends to bring forward proposals early next year for 300 homes on an eight-acre site next to Gloucester railway station.
Purchase of the development site was funded by Chenavari Investment Managers, marking Eutopia Homes’ fifth transaction with the company.
It is Eutopia’s third site purchase from Network Rail, following previous transactions in Exeter.
Eutopia Homes was set up in 2017 by Scott Hammond and has since secured a £365m pipeline of mid-market homes for rent and sale in regional cities.
Scott Hammond said: “Recent investment by the University of Gloucester for the acquisition of the old Debenhams store for a new campus, along with the city council's recent investment in driving a new cyber hub for the UK in close proximity to Gloucester Council’s HQ, will bring more employment to the city, which in turn will drive up the demand for high-quality housing.”