Aerospace giant BAE Systems has sold a site in Lancashire as part of a multi-million pound regeneration deal.
Bridgehouse Capital Limited has bought six facilities in Yorkshire, Bristol, Staffordshire, Worcestershire, Hampshire and one in Chorley on the former ROF site in Euxton.
It is believed that more than £250m will be spent to regenerate all locations but financial details of the deal have not been released.
A spokesman for BAE Systems said: “We have entered into a development partnership with London based property firm Bridgehouse, which will see the two companies working together to deliver development plans on a number of UK sites including Chorley.
“The partnership supports BAE System’s plans to bring the 150 acre site forward for redevelopment, which will include remediation and bringing the site back to economic use.
“Plans include the creation of circa 700 houses with some commercial land, a school, play areas and woodland, generating job opportunities for the local economy.
“The aim is to enable the most efficient regeneration of the site, complimenting the successful Buckshaw Village development.”
Chorley MP Lindsay Hoyle said: “First of all I am disappointed that BAE did not contact me regarding the takeover as it was in my constitutency and as I am aware the local council did not know about it.
“Even though it is good that £250m is being spent on their sites we need details of what it means for the residents.
“I want to know what they are doing to regenerate the village for people living there now and in future as well as Chorley as a whole in terms of houses and infrastructure.”
The village now sits on what used to be 928 acre site and was designated a munitions works in 1935 with building work and was opened in 1939.
Production was transferred in 1997 and decommissioning and decontamination took place between 1998 and 2007.