Regeneration company Sea Space, which owns the land, selected Battle-based developer Gemselect as the preferred buyer for the site in late 2019.
Sea Space said it judged Gemselect among seven bidders as representing the best balance of value, commercial strengths and community benefits.
This marks the end of the regeneration project in which Sea Space assembled parcels of disused land in Ore Valley for the development of homes.
Gemselect is proposing approximately 75 homes for the site, with at least 25 per cent of these qualifying as ‘affordable’.
The company is also planning to offer an area on the site with six plots for the Heart of Hastings community group to create its own homes in partnership with East Sussex College’s Ore Valley campus.
Gemselect will submit a planning application to Hastings Borough Council in early 2022.
A Sea Space spokesman said: “It’s so rewarding to see the sale of the Ore Valley site go through.
“Gemselect stood out as the organisation best able to redevelop this redundant land in terms of their track record and proposed scheme. We’re pleased to have now handed over the site and look forward to seeing the detailed proposals they’ll submit for planning consent.”
Sea Space will reinvest the sale proceeds into local regeneration.
Gordon Ritchie, director of Gemselect, said: “We’re delighted the purchase has now been finalised after a sales process that was slowed down by the pandemic.
“We can now get on with completing our development proposals for the site so we can deliver another high-quality housing scheme in the Ore Valley.”