Irwin Mitchell has advised Godwin Developments on the deal.
Godwin has entered into an agreement to purchase the site from Emma Property Management Ltd headed by Nottingham property developer Ken Grundy.
The new owner of the site plans to demolish the existing building and transform it into a large mixed-use residential development.
It says the scheme would create around 300 jobs during construction – and 40 full-time positions when fully operational.
A planning application will be lodged with Nottingham City Council in the next two to three months and the business will start on site in the next 18 to 24 months.
Ben Acheson (Picture), Real Estate partner at Irwin Mitchell, led the team advising Godwin Developments.
Involved fees earner: Ben Acheson – Irwin Mitchell;
Law Firms: Irwin Mitchell;
Clients: Godwin Developments;