Clanmil Housing Association has signed an option agreement with the National Asset Management Agency for the purchase of the Hilden Mill Complex in Lisburn.
Clanmil intends to develop the 16-acre site, which was granted planning approval in 2009, for both housing and commercial use and will use the purchase option to give it time to consider the development proposals. Nama has been working with a number of housing associations in Northern Ireland in order to sell assets under the agency's control for social housing purposes.
"We hope that today's announcement will mark the beginning of an exciting new era for Hilden Mill and a real boost for the local economy," Joan Baird, chair of Clanmil Housing said.
Frank Daly, chairman of Nama said he welcomed the agreement.
"This agreement with Clanmil is extremely important for Nama. It reflects Nama's determination to work in partnership with the social housing sector in Northern Ireland to provide affordable housing solutions through our portfolio.
"It also reflects our commitment to work with the wider state and public sector to develop and deliver, in tandem with our own commercial objectives, a range of initiatives which will bring social and economic benefits to Northern Ireland."