Birmingham property developer Ashfield Land has acquired a major site in the city's Stirchley suburb.
The company has bought the 9.5 acre site in Dogpool Lane from supermarket giant Tesco.
The site, formerly used for manufacturing, has been owned by Tesco since the late 1990s, but had become surplus to requirements.
Ashfield Land director Nick Jones said the intention now was to develop Dogpool Lane, which was an important manufacturing site in Stirchley for many years.
The site is known as 10 Acres, and, following the end of manufacturing there, Tesco demolished the factory buildings and readied the location for development.
At the moment, the only building on the site is a small office block used by South Birmingham NHS Trust.
Ashfield Lane is hoping to finalise plans for the site in the coming months.
Mr Jones said: "The speed of the transaction demonstrates Ashfield's strength in its ability to acquire property unconditionally, on the right terms, in the timescale required by the vendor."
Ashfield Land is currently developing several other major sites in Birmingham and the Black Country.
The company recently announced the launch of a city centre living scheme in Sand-pits, in the Convention Centre quarter, which will provide 133 high quality apartments, and also 4,306 sq ft of commercial space.
The company is also near to finalising occupation at a large industrial scheme it has developed in Dudley, in the Black Country.
Ionic Park is a 57,523 sq ft scheme that occupies a former factory site near Burnt Tree island.
Almost all of the eight units at the site have been snapped up, creating dozens of news jobs.
Key occupiers include kitchen and joinery specialists Magnet, who are leasing the biggest unit on the site, 11,227 sq ft in size.