The council has agreed terms for the sale of a 5.5-acre site in Willaston to automotive supplier HPL Prototypes, which intends to build a design and engineering centre.
HPLP is a Coventry-based company which develops drivable and non-drivable prototypes for vehicle manufacturers. The deal is for part of the Redsands site which was previously home to a children's centre.
The sale of the land is subject to planning permission and proof of funding.
A meeting of Cheshire East Council's cabinet approved the sale. A report ahead of the meeting said that HPLP's bid "was not the highest financial offer, and therefore there is a risk other bidders may challenge the council's decision of preferred bidder. However, the risk is considered low as the council is not duty bound to accept the highest financial offer, and has selected HPLP as the best value bid overall."
HPLP hopes to employ around 70 design engineers at the site and has indicated that it would work with local educational providers, including the proposed university technical college in Crewe, on a training programme for design engineers.
Colliers International marketed the site on behalf of Engine of the North.