Work will start in early 2021 on a new industrial park, which could eventually lead to hundreds of jobs.
Property developer Chancerygate has spent £3 million on the former Food Hub Leicester site in Magna Road, Wigston.
It intends to invest £17 million in 16 new warehouse and factory units on the 5.4 acre plot.
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The site is next to the Midland Mainline railway, and has already been cleared.
Chancerygate’s development director Mark Garrity said: “It’s great to have completed the acquisition of a prime site in South Wigston’s well-established industrial area.
“It provides us with the opportunity to deliver a high quality, new build industrial scheme which will provide much-needed warehousing and light industrial space in the region.
“Developing this site has the potential to create hundreds of jobs for local area. It also fills a gap in the market, with an increasing number of businesses looking to invest in their logistics operations and take up warehousing space to meet the rising demand for rapid last mile delivery.
“We’re looking forward submitting our plans for the scheme to Oadby and Wigston Borough Council, which we hope will become an excellent asset for Wigston for many years to come.”
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The purchase follows Chancerygate’s successful planning application for an 11-unit industrial scheme at Forge Industrial Park in Sutton Coldfield in October.
Construction of Forge Industrial Park will start in the first three months of 2021.