The Wyevale Garden Centre in Timperley has been bought for housing after being put up for sale earlier this year.
Harlex Property has purchased the 7.2 acre site on Thorley Lane, which includes the former World of Pets and World of Water, and want to have 80 new houses put up there.
In 2016 the land was outlined as a potential site for new housing in the first draft of the Greater Manchester Spatial Framework.
James Nicholson, director of Harlex Property, said: “I am delighted with this acquisition and look forward to working with the local planning authority to facilitate a housing-led scheme.
“I would like to acquire further sites without planning on an unconditional basis, using the funding resources of Palmer Capital.”
Previously, Wyevale submitted plans to build 15 detached houses on the site but Trafford Council refused due to the land being designated as green belt.
Harlex hope to secure planning consent for the land before selling it on to a housebuilder.
The purchase of the land was made using the Residential Land Partnership fund, managed by Schroder Real Estate alongside Palmer Capital.
All 145 Wyevale Garden Centres were put up for sale by parent company Terra Firma earlier this year.