THE first phase of Bicester’s 5,000 home eco town has received financial backing from two investors.

Resolution Property and Altitude Real Estate LLP have bought the freehold to 80 acres of land of farmland off the B4100.

Plans were approved in August for the first phase of the eco development, which include 394 homes, an energy centre, offices, a pub, community centre and shops.

The firms will back A2Dominion Group to build the homes.

Rob Bolton, founding member of Altitude Real Estate, which was set up just 10 weeks ago by Mr Bolton and former Argent directors Stephen Tillman and Gary Taylor said: “This is a significant project for us, not just because it is our very first deal, but because it completely hits the mark for our plan for investing in key development sites and opportunities across the UK.

“By working closely with the Resolution team, who we know well, completing the deal has been a fast track process.”

Nigel Robson, director at Resolution Property, said: “In partnership with Altitude, we have acquired an important development site in an area of recognised prosperity, compared with the UK economy as a whole.”

Michael Gibbard, Cherwell District Council member for planning, hoped work would start in February.