Administrator Deloitte has agreed a sale of the Grand Central retail and leisure park in Stockport to the local authority.
Deloitte is handling the sale of the 30-acre site on behalf of Lloyds Banking Group following the placing into administration of subsidiaries of Targetfollow. The park contains a cinema, bowling alley, restaurants, a swimming pool and a gym. The council plans to create offices, a hotel and a multi-storey car park.
Stockport Council is understood to have made an offer of £15m for the land and hopes to generate private sector investment of £100m for the development.
Cllr Dave Goddard, leader of Stockport Council, said: "Grand Central has an important role to play in the future of Stockport town centre and we are committed to driving forward its redevelopment.
"If we don't buy it, there's a chance that someone else will, and sit on it for ten years. By doing this we can gain control of Stockport's key gateway asset, which is strategically vital in us trying to develop a high quality corridor of office space."
Stockport Council is advised by CB Richard Ellis.