Holden has sold its landmark Melbourne manufacturing site to the Victorian government in a deal reportedly worth $130 million.
The 37.7-hectare Fishermans Bend site will become a leading design and engineering precinct, including the fields of aerospace, defence, marine and automotive design, the government says.
Holden has been at the site for more than 80 years.
It announced in December 2013 it would stop manufacturing in Australia by 2017.
Fishermans Bend is set to become home to 80,000 people by 2050 under redevelopment plans.
Industry and Employment Minister Wade Noonan said the government had a "clear plan" for the future of Fishermans Bend and the Holden site, which is five kilometres from the Melbourne CBD, was a "once in a generation opportunity".
The government is in advanced talks with Holden about their future plans to remain on the site, as well as major global companies and leading education partners for the new development.
