Nearly 200 flats could be built on the site of a car dealership in Watford.
Early talks have taken place with Watford Borough Council about redeveloping the Glyn Hopkin site on the corner of Lower High Street and Waterfields Way.
The land is being marketed by global property consultancy firm Knight Frank as an "exceptional" residential-led development opportunity.
Drawings have been created of a scheme that Knight Frank says has received "positive pre-application feedback" from the council.
Knight Frank has been in discussions with the council about a scheme of 183 flats and potential commercial space in buildings ranging from three to nine storeys.
The scheme is said to include 35 per cent affordable housing provision - split between 25 per cent shared ownership and 75 per cent social rent.
There would 13 parking spaces, based on recommendations from a council officer.
Although proposals for commercial space have been discussed, a residential only development is "considered appropriate" as well, so additional flats could replace the mooted commercial units.
Knight Frank says its proposals were "well-received by officers".
Katherine Harris, associate at Knight Frank, added: "This is an exceptional development opportunity with a huge amount of potential, prominently situated near to Watford town ccentre.
"The Lower High Street has been highlighted by the council as a key location for regeneration and the proposed scheme will make an important contribution to the wider strategic objectives of the area."
At this stage, no planning applications have been submitted.
Bids were invited for submission in mid-June and Glyn Hopkin are in the process of selecting their preferred purchaser for the site.
This particular site has been included in the council’s draft local plan, meaning the council believes it is an appropriate site to develop into housing to help meet housing targets.
The land is owned by Glyn Hopkin and used as a car showroom, specialising in Suzuki and Nissan vehicles.
Glyn Hopkin will be securing alternative premises where it can retain its existing staff and continue to serve its Watford customer base.
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