A deal has been agreed for a council-owned industrial estate to be sold - for a multi-million pound fee.
Norwich Airport Industrial Estate, to the south of Norwich International Airport, was put up for sale last month, after councillors decided to sell up at a meeting last year.
There were 11 bidders for the 48-hectare site, jointly owned by Norfolk County Council and Norwich City Council since 1969.
Greg Peck, the county council cabinet member for commercial services and asset management, has agreed, on behalf of County Hall, to sell it.
The council is not revealing the identity of the buyer or the price tag agreed, due to commercial confidentiality.
But council officers say a "significant capital receipt" will be received once the sale of the site, off Fifers Lane, goes through.
Mr Peck said the preferred bid was chosen based on value for money and the confidence in the sale going ahead.
He said: "The sale will provide both ourselves and the city council with much needed capital receipts.
"We will invest the money in things which really matter to Norfolk residents - good schools, improved transport and to support our environmental commitments.
"This is another example of us managing our assets to maximise the benefits to Norfolk residents."
There were suggestions as recently as 2017, that the councils could pump millions into revitalising the estate.
Rent from the companies based on the estate brought in more than £840,000 for the two councils in 2020, split 60pc to the county council and 40pc to the city council.
But, following various commissioned reports, officers concluded it should be sold, rather than invested in.
Steve Morphew, leader of the opposition Labour group and county councillor for the Catton Grove division the industrial estate is in, previously suggested £1m from the sale should be used to build an international standard skate park on part of the site.
He said: "The people of Catton Grove deserve some sort of dividend out of this, even if we are not getting a skate park."
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