Former manufacturing space at Ideal Standard’s site in Hull is set to be redeveloped.
It follows the sale of the 24.7 acre site in National Avenue, west Hull.
The deal is ultimately expected to see a sizeable number of new jobs being created there once extensive redevelopment work is completed.
Long-term plans include creating new and refurbished space for industrial use at the rear of the site.
The bathroom products company will continue to operate its commercial business in offices at the front, overlooking National Avenue, in a sale and lease back agreement.
It has been based in Hull since 1936.
Managing director Dave Barber said: “We can confirm that our site in National Avenue in Hull has been sold.
“Ideal Standard is committed to maintaining its presence in the city and we will lease the office building on the site from the new owners.
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“This will continue to be used for our commercial business and the great team that supports these operations.
“We have been on the National Avenue site for more than 80 years and are delighted to remain there.
“As Ideal Standard’s largest market, the 海角视频 is a key country for the company and we will continue to offer a full range of bathroom solutions through our brands, Ideal Standard, Armitage Shanks and Sottini.”
The decision to end bath production at the site was announced last September.
Around 85 people worked in the manufacturing plant before it closed. Former factory and warehouse space at the site covers over 650,000 square feet - the equivalent of eight football pitches.
As such, the sale is one of the largest recent commercial property deals seen in the city and was completed despite the added complications of the Covid-19 lockdown.
The site’s new owners are an unnamed property company based in north-west England, which intends to redevelop it to create new and refurbished industrial space.
Nick Pearce, director at Hessle-based property agents PPH Commercial, which completed the sale, said: “It was great news to be able to agree a sale of this magnitude in these difficult times, but both parties wished to complete a deal quickly and the sale was concluded in a very short timescale.”