A team of consultants will examine future options for Knowsley Industrial Park including new development and on-site energy generation.
DTZ will head the review team alongside Arup and Taylor Young. The park, near Kirkby, is one of the biggest in the Liverpool city region, covering around 1,000 acres and housing over 600 businesses.
The industrial estate began life in the 1940s as a munitions factory but later investments extended and improved facilities, attracting companies such as QVC, Sonae, and AC Delco.
Knowsley Council owns the freehold to most of the park and in partnership with the North West Development Agency has appointed DTZ to carry out a comprehensive review of how the site could be enhanced.
The authority wants a deliverable vision for future development, investment and management of the site.
"We want Knowsley Industrial Park to continue to be a major business hub for the Liverpool city region," said Cllr Graham Morgan, Knowsley's cabinet member for regeneration, economy and skills.
"We are looking for advice on a clear vision of the future possibilities for the park and deliverable, realistic solutions to make it the best it can be."
The brief includes exploring ways of tapping into the expertise within a number of companies on the park to develop a hub for the production and use of renewable and low carbon energy.
Tim Claxton, development director at DTZ, said: "There are clear opportunities for the local authority to influence the future direction of the industrial park through their existing land interests as well as through planning.
"We will be looking at innovative funding initiatives that have the potential of driving forward a strategy which will have the backing of all stakeholders."
Paul Lakin, director of land and property at the NWDA, said: "As the largest industrial area in the Merseyside sub-region, Knowsley Industrial Park offers significant potential as an employment location and it is vital that it realises its potential as a prime business destination.
"This review will play an important part in guiding its future development and helping to ensure that it plays its full part in growing the area's economy."
The study is part of ongoing work by Knowsley Council to increase job opportunities in the area, particularly in Kirkby and North Huyton. Once finalised, the study will inform future work on the council's Local Development Framework. The framework is a key planning strategy, which seeks to ensure an adequate supply of land is available for economic development, offering opportunities for creating new jobs though to 2027.