Halton Borough Council has acquired the former site of chemical manufacturer Bayer Crop Science in Widnes to ensure a long term approach was taken to its future development as part of the Widnes Waterfront Employment Development Zone.
Mark Hughes outlined in a recent North West Development Agency board meeting report, safeguards had been included within the proposals to ensure the council promoted the development of the land.
Part of NWDA's agreement sought to ensure that Halton council carried out the necessary remediation work to allow the site to be developed.
The report also stated NWDA would receive a return income when the 40 acre site was sold.
Tony McDermott, at Halton Borough Council, said: "This is a major step forward for the regeneration of the Widnes Waterfront. The sheer size of this piece of land offers unprecedented opportunities in terms of jobs and regeneration.
"Over the next eight months we will carry out extensive analysis into the potential uses for the site, and put together a strategic masterplan which will complement the diversity or the waterfront's current commercial offering."