Recession, what recession? Some might ask that question when they learn that yet another swathe of central Oxford is to come under the hammer.

The land earmarked for redevelopment this time is a 7.9-acre site, formerly a goods marshalling yard off Osney Lane and adjoining the five-acre Oxpens site, which agents Lambert Smith Hampton describe as “the largest land sale in Oxford since 2003” (when the NHS sold the Radcliffe Infirmary to Oxford University for £40m).

Such a large regeneration scheme hardly smacks of recession.

“Buy land, they don’t make it no more”, Mark Twain once famously said, and indeed it is easy to see why buyers with cash burning a hole in their pockets might be tempted into a market that has gone flat.

And from the sellers’ point of view, of course, it makes sense for the Government to sell the family silver in the shape of land assets.

The seller is British Railways Board (Residuary), or BRBR, the organisation that manages land which, until rail privatisation in 1993, belonged to British Rail.

So this land in central Oxford is essentially public property which has been lying more or less idle for more than a decade. BRBR spokesman Simon Larsen, said: “The Government has instructed BRBR to sell off land surplus to requirements.”

Richard Waterson of Lambert Smith Hampton said: “We think this is the right time to sell because of the timescale involved. We are marketing now and asking for expressions of interest before September 30.

“But work will probably not get under way on developing the site until late 2013 or even 2014.”

The land, much of it along the River Thames, is located in the so-called West End regeneration area, where regeneration is listed in Oxford City Council’s core strategy document as “fundamental” to the overall long-term success of Oxford, and as an “urgent priority”.

Mr Waterson added: “This is a significant development site in the heart of the city and is an opportunity for investors to play a role in the regeneration of the West End area.

“The site has previously been used as railway sidings and more recently as car parks and open storage.

“We’re anticipating a huge amount of interest, given the rarity of such a site and the undoubted potential it offers.”

Residential development is seen as the probable main ingredient of the BRBR land that has just come on the market, with at least 50 per cent of the accommodation being houses of three, four or five bedrooms.

And the city council also wants at least half of any flats offered to have two bedrooms.

The council owns the adjoining land at Oxpens where a 150-bed hotel could be built, along with a conference centre and, possibly, offices for the city and county councils — though the need for such offices is now being re-assessed. More adjoining land is owned by Royal Mail.

Development of the site, along with Oxpens, is seen as at least a part solution to Oxford’s problem — a high demand for homes in the city centre but nowhere much to build them because of “constraints to accommodation of growth in this area by virtue of its high calibre and internationally regarded heritage environment”, to quote planning consultants Planning Potential.

The city’s West End area action plan recognises the Oxpens site as the largest development site in the plan area and as a major area of change.

An assessment of the BRBR land by London-based Planning Potential reads: “Overall the BRBR land has a potential for a range of development options, subject to a mix of uses being provided.

“The site has a direct frontage onto the River Thames which, subject to flooding considerations, is capable of being capitalised upon.

“The nearby public open space at Oxpens Field would further add to the attractiveness of this part of the site for a variety of uses.”

But some might question whether now is the time to sell such a valuable peice of development land; after all, we are constantly being told that property prices are being squeezed.

But Mr Waterson said: “Judging by the level of interest we have already had, now is definitely a good time to bring this land to market.

“There is a high volume of good quality enquiries coming in with a mix of different developers including specialists in urban regeneration.”

He added that it could work out that a buyer could develop the adjoining Oxpens site in conjunction with the city council.

Colin Cook, Labour councillor with special responsibility for city development, said: “It is a vote of confidence in Oxford that so many developers are interested in this land.

“And, of course, we would be keen to work with a buyer to regenerate this part of Oxford, including the five acres at Oxpens which we own, in a holistic way.”

All in all, it seems that putting the site on the market provides an excellent insight into how developers and planners work to produce the modern urban landscapes in which most of us live.

And surely there must be room for optimism about the Oxford economy if so many developers are ready to invest in regenerating the city on this scale.