The current office buildings at the former HMRC site, apart from Durrington Bridge House, are all set to be demolished as the government agency has moved to Teville Gate House.
Outline planning permission for 287 homes, a mixture of houses and flats, as well as a 68-bed care home, was unanimously approved by Worthing Borough Council last July for the land next to Durrington Railway Station off Barrington Road.
This week Bellway announced it has acquired the site and intends to submit detailed plans for the site to the council in the coming months.
Plans are also in the pipeline for a second phase of development on a neighbouring parcel of land which could provide a further 28 homes.
Dan Bradbury, regional director of Bellway South London, said: “The development will provide a mix of apartments and two, three and four-bedroom houses to appeal to a wide range of house-hunters from first-time buyers to young couples and growing families.
“Our plans will deliver much-needed housing for the area. This land is a key acquisition for Bellway South London and we are pleased to be playing a major role in creating a new neighbourhood within this popular town.
“We are working closely with the local council on our detailed plans for the site and we hope these will be approved to allow us to forge ahead with the scheme.”
As part of the planning agreement for the development, Bellway will be contributing £80,000 to local medical facilities, £50,000 to improving bus stops and £50,000 towards public open space in the area.
Mr Bradbury added: “This development will benefit from being right next door to Durrington-on-Sea station. The station is well connected with trains to London Victoria, Brighton and Southampton.
“There will be a large green space created within the development to allow all residents to enjoy the outdoors, while the coast is just a mile away at Goring-by-Sea.
“It’s also just two and half miles from the centre of Worthing, with all the town centre facilities and amenities that has to offer, including the pier and beach. We fully expect there to be a lot of interest in this development.”