The Belfast Health and Social Trust is to put the former Belvoir Park Hospital up for sale with plans to redevelop the site's red brick buildings into residential property.
Estate agents BTWSheills said it has been instructed to sell the 64-acre complex which used to be Northern Ireland's main cancer treatment centre before services moved to a new unit at Belfast City Hospital in 2006.
It comes with outline planning permission for 310 residential units, of which 110 have been granted full planning permission.
Stuart Draffin from BTWShiells said the site provides potential buyers with a rare opportunity.
"Without doubt the overall package of location, heritage, Lagan Valley amenity space and strong demand for housing in this area, render this as one of the most attractive residential development opportunities," he said.
Belvoir Park Hospital forms part of the original Purdysburn House and Estate. In 1895, the property was acquired by Belfast City Corporation to develop Belfast's first municipal hospital.
Simon Brien of BTWShiells said that the future development of the site "will offer housing to meet most sectors of the residential housing market from the professional person or retired seeking an apartment, to homes suitable for young couples and families", he said.