Manchester-based developer Property Alliance Group has bought a 350,000 sq ft former engineering complex, renamed Ecclesfield 35, in Sheffield.
Alliance will refurbish the site, located close to Junction 35 of the M1 motorway, to provide a range of industrial, warehouse and workshop units from 500 sq ft to 50,000 sq ft with yards. The refurbishment will also create six acres of open-storage land.
Alliance also owns Victory Park, a 13-acre development site on the edge of Sheffield city centre.
Oliver Moorhouse, of Alliance, said: "Even in these uncertain times, Sheffield has demonstrated to us that it continues to be a productive industrial location, and this together with Ecclesfield 35's close proximity to Junction 35 of the M1 motorway, provides us with a great platform to create a successful modern industrial estate.
Lambert Smith Hampton and Fernie Greaves are joint letting agents on the scheme.