The signing of a land deal is the first step towards re-developing the former Leyland Motors Test Track.
Contracts have been signed and exchanged between South Ribble Borough Council and Pilgrim Technology Ltd - which jointly own the land – and developer Property Capital PLC.
The next stage for the Moss Side scheme will be the preparation of a masterplan by developer Property Capital PLC, which will set out the look and feel of the development.
The masterplan will also protect open and green space on the site, identify points of access and make plans for pedestrian and cycling provision. Residents will be able to have their say on any future development, as the masterplan will be put out to full public consultation before it is considered by the council’s planning committee.
If agreed, planning applications would then be submitted, and work could start on the scheme in as little as 12 months.
The 120-acre former test track site, which lies between the Moss Side Industrial Estate and Longmeanygate, was used by Leyland Motors to trial prototypes and vehicles fresh from the production line. But the site has been left unused since 2005.
The scheme is expected to take five years to complete, and is part of the £434m Preston, South Ribble and Lancashire City Deal.