Supermarket chain Morrisons has bought 12 acres of land in Preston and has begun work on a new store.
A significant part of a former major distribution site, located between Blackpool Road and Ribbleton Lane, will house a Morrisons supermarket and petrol station.
Morrisons has already started building works on former James Hall & Co site and the supermarket is expected to be complete later this year.
Urban regeneration firm Centros acted on behalf of the vendors, negotiating the deal and obtaining planning consent.
Preston-based property consultants Robert Pinkus & Co acted as local development consultants for Centros.
Robert Pinkus, partner at Robert Pinkus & Co, said: "We are very pleased to have been able to facilitate the early redevelopment of the derelict site which otherwise would have remained an eyesore in a high profile location, and at the same time create much needed employment for the area."