A 15-acre site on the outskirts of Derby has changed hands after the completion of a multi-million-pound deal aided by Salloway Property Consultants.
Derby firm Ivygrove Developments has bought the freehold of the Draka Cables site from parent company Prysmian Group for close to the £3 million asking price.
The developer plans to demolish all but a few the old industrial buildings on the site and start anew. Renaming the development Eagle Park, the scheme will be made up of units ranging from 3,300 sq ft upwards.
Ivygrove reports that with Salloway Property Consultants' advice it has pre-sold three plots and is in discussions with a number of companies interested in taking space.
Draka UK ceased manufacturing at the site at the end of September 2012 at which time about 100 shop floor workers were made redundant when the decision was made to close the Derby factory and move cable production to Wales and Hampshire.
Ivygrove managing director John Blount said: "I am delighted that we've been able to secure this prestigious site.
"It's a perfect fit for the company's business model of building small and medium-sized industrial units for the Derby market.
"Most of the existing buildings are obsolete and will be cleared, allowing us to provide a range of new units in the Ivygrove style.
"We know the area well, having already been responsible for the redevelopment of the former Davis Derby and Crompton Parkinson premises, in Alfreton Road, and the old Parker Foundry site, in Mansfield Road.
"The Draka scheme will enable Ivygrove to regenerate another significant part of this important business zone to the north of the city centre and we have already pre-sold three plots to Derby companies, details of which will be announced shortly."
Plots on the site will be offered either for sale or to let.
Stephen Salloway, senior partner of Salloway Property Consultants, worked with Ivygrove and Derby law firm Flint Bishop to put the deal together.
Mr Salloway said: "It has taken about nine months to get the deal across the line and it is great news for Derby that another redundant industrial site will be regenerated.
"Ivygrove has a proven track record in redevelopment projects of this nature and is experiencing significant success at its current schemes at Westside Park, in Raynesway, and Sawley Park, in Nottingham Road.
"There is an acute shortage of new and good-quality space in Derby and the timing of this development couldn't be better."
The manufacture of electric cables started at the Alfreton Road site in 1929.
First known as Derby Cables, various mergers and acquisitions over the years saw the site operated by firms such as Crompton Parkinson, Hawker Siddeley, Delta Crompton and, finally, Draka UK.
According to a booklet found there by Mr Blount, when still producing cable, Draka was one of few manufacturing sites in the country with a direct link to the earliest days of the industry.