A former naval air base is to be redeveloped to house aviation and marine-related businesses and homes.
Part of HMS Daedalus will house marine-related businesses
The Ministry of Defence has sold 204 of the 460 acres that make up HMS Daedalus in Lee-on-Solent, Hampshire, to the South East Development Agency (SEEDA).
The Maritime and Coastguard Agency has bought the remaining 256 acres.
Daedalus, one of the largest brownfield sites in the Solent area, sparked controversy when the government earmarked it for a new asylum centre.
Over the next three to four years, SEEDA will work with local planning authorities, businesses and local communities, devising how best to develop the site.
Paul Hudson, SEEDA's executive director of development and infrastructure, said: "A key objective for the Agency is to remediate redundant brownfield sites and turn them into vibrant and sustainable communities of the future, relieving the pressure on greenfield sites.
"The lack of availability of serviced employment land and new business space has been identified as an important requirement in south Hampshire."
The agency also hopes to provide residential accommodation for key workers and affordable housing for low-income families.