A former car seat factory in Eastwood has been bought as part of a regeneration project.
The building, more than 70 years old, is no longer fit to be used as a factory and will be re-developed to create a new residential community.
The Beamlight Automotive Seating factory in Newmanleys Road was closed in 2012 following a contractual dispute with a major customer.
Now, regeneration specialists St Modwen has acquired the site and is expected to begin the planning process shortly.
It is split into two parcels of land of 13.38 acres and 3.7 acres, separated by Newmanleys Road.
David Dodge, senior residential development surveyor at St Modwen, said there was great potential for the site.
He said: “We’re pleased to have secured it as it offers a real opportunity, subject to planning approval, to create a new community for families and young professionals working in and around Nottingham and across the wider East Midlands. We look forward to working with Broxtowe Borough Council to achieve the best possible outcome for the site.”
The company has been involved in several high-profile redevelopment projects including the £2bn revamp of New Covent Garden Market, in London.
Councillor Keith Longdon, Notts County Council representative for Eastwood, said he was pleased that brownfield sites were to be used for development.
He said: “As far as I’m concerned, building houses there is better than building on the green belt.
“It’s difficult because there’s houses needed but it’s where you build them and what for.”
So far no formal planning applications for the site have been submitted.