The Wyevale Garden Centre in Timpeley has gone for housing after going up for sale earlier this year.
Harlex Property has purchased the 7.2 acre site on Thorley Lane.
This 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. I look forward to working with the local planning authority to help a housing-led scheme.
“I would like to get further sites without planning on an unconditional basis. We will use the funding resources of Palmer Capital.”
Wyevale had submitted plans to build 15 detached houses on the site. Trafford Council refused due to the land 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. This is managed by Schroder Real Estate alongside Palmer Capital.
All 145 Wyevale Garden Centres went up for sale by parent company Terra Firma earlier this year.