Commercial property agents Halls Commercial have announced that a deal had been concluded with house builder Jessups for the land at Battlefield Road.
Halls have described it as "the most significant land sale in Shrewsbury for a number of years", and acted as joint agents with Avison Young for the sale of the land, which is approximately 15.89 acres.
The site, located on the north-east corner of the town at the junction of Battlefield Road and A49 and A53, benefited from planning consent for the development of up to 100 residential units and had further land that was allocated for commercial use.
James Evans, head of commercial at Halls, said: “We are delighted as a practice to have brought this sale to a conclusion with our joint agents and on behalf of our clients, who are a trust.
"It is further evidence of the attractions of Shrewsbury as a town to residential developers and we wish Jessups every success with their proposed development of the land.
"It is a significant parcel of land not just in size but also in its location on the edge of Shrewsbury and will bring much needed housing to the town.
"As a practice we continue to see strong demand for both residential and commercial land from developers as they seek to invest in the town.”