Tiger Developments has been selected as preferred purchaser for the Haymarket site in Edinburgh city centre.
The sale is understood to have raised more than £20m for Edinburgh City Council.
The 4 acre (1.6 ha) site, which is a former goodsyard, has planning permission for more than 500,000 sq ft (46,450 sq m) of mixed-use development.
The site is seen as one of the council’s most valuable assets. It is on Morrison Street in the city centre, next to Haymarket station and close to the Exchange financial district.
The site was sold by EDI, the development company owned by the council.
The council considered selling EDI at the end of last year to raise money to settle £33m of wages claims and liabilities.
However, it reversed this decision in February and decided instead to start selling off EDI’s property portfolio. The Haymarket site is considered the best site in the portfolio.
Jones Lang LaSalle advised EDI on the sale.