The identity of the buyer of Norwich Airport Industrial Estate - and the price they paid for the 48-acre site - have been revealed.
Dove Real Estate has bought the site, to the south of Norwich Airport, for £35.7m after Norfolk County Council and Norwich City Council decided to sell up.
And the new owners have pledged to pump money into the industrial estate to help the tenants which are based there.
The site had been jointly owned by the two councils since 1967, but officers decided it made more sense to sell it than for the councils to put more money into improving it.
Dove Real Estate is a joint venture between Paloma Capital and Partners Group and bosses said they would immediately invest in improvements.
Jake Harris, investment director at Paloma Capital, said: "We are delighted to have completed our purchase of Norwich Airport Industrial Estate.
"We plan to invest immediately in improvements to the physical environment, but our most important short-term objective is to make contact with our new tenants and work with them to unlock the potential of their units and the wider estate.
"We welcome any approaches and ideas that our tenants have for improvements to existing buildings and underutilised land.
"This estate is a major regional commercial hub and we feel there is significant scope for economic development and intensification of use.”
Greg Peck, cabinet member for commercial services and asset management at Conservative-controlled Norfolk County Council, said it was a "good deal".
He said: "The sale will secure investment in this important site as the new buyers are in a position to take forward plans that will strengthen economic growth, job opportunities and deliver a sustainable future for existing and new businesses.”
Alan Waters, the city council's Labour leader, said: “The airport industrial estate is an important asset in Norwich and we’re extremely pleased that the sale to a successful developer will secure its future and attract new inward investment to the city.
“The income from the sale has generated a substantial capital receipt to the council which will assist in delivery of the medium-term financial strategy.”
Steve Morphew, Labour county councillor for Catton Grove, said: "It's sad to see the sale but I understand why. I hope the county council invest in Catton Grove from the proceeds, as it is long overdue."
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