A Malaysian-based developer has purchased a section of the former Shredded Wheat factory site in Welwyn Garden City.

IJM Land has purchased the northern part of the site, following a sale by the appointed receivers, CBRE.

The decision to buy part of the site is part of IJM's investment into the UK, having recently developed an award-winning railway project in London's Zone 1, overlooking The Tower of London.

"We have only just purchased the site, but our preferred intention is to work within the existing consented heights, reconfigure to meet market demands, mindful that for this site to be delivered it must be commercially viable - all options are being considered," said Mark Lahiff, managing director of IJM's UK subsidiary.

"We have an experienced team who are familiar with the recent history of this project and this gives us an added advantage in pursuing what we hope will be a successful delivery."

The 11-acre site has planning permission for 811 homes and 150,000sqft of mixed commercial and leisure facilities.

A spokesperson for Welwyn Hatfield Borough Council added: "The council understands that the northern part of the Wheat Quarter site has been brought out of receivership and we welcome this development.

"The council is looking forward to working with the new owner to ensure that the site is now redeveloped, to the benefit of the town and its residents."