A joint venture between Miller Developments and Craigrossie Properties has purchased a former pigment manufacturing plant in Renfrewshire.
The plant in Paisley was closed by chemical firm BASF last year, with the loss of 140 jobs.
The facility produced pigments to colour paints, paper and plastics for almost 60 years before it was closed.
Plans for the 63-acre site will now be submitted to the council.
David Milloy, MD of Miller Developments, said: "This is the second site that we have bought in Renfrewshire, having acquired 120 acres in Linwood in 2011, a substantial part of which we have redeveloped for residential and leisure uses."
(LM/MH)
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