Central Salford, the urban regeneration company, has acquired the 3.7-acre site occupied by Vanguard Textiles in Ordsall Lane for an undisclosed price.
The deal was funded by the North West Development Agency and undertaken by Salford City Council on behalf of Central Salford.
The land will form part of the Irwell City Park planned for the River Irwell, opening the river onto Ordsall Hall and Ordsall Lane.
Central Salford plans to take vacant possession in the next year once Vanguard has reviewed its business plans. Vanguard declined to comment.
Keppie Massie advised Central Salford.