Fashion brand Mulberry is about to begin construction work on the Bridgwater site it acquired earlier this year, to build a new factory where 300 jobs will be created.
Recruitment is also due to begin for factory staff by the prestige brand, which was established by entrepreneur Roger Saul and whose handbag designs are favoured by celebrities around the world. It is expected to double Mulberry's production of its womenswear, accessories and footwear.
The facility, on a site located close to the M5 will provide a second manufacturing base in Somerset for Mulberry, which has an established facility in Chilcompton and a factory shop in Shepton Mallet.
Hallam Land Management Ltd sold the Bridgwater site to Mulberry and was advised by the Sheffield office of Irwin Mitchell on the deal.
The sale is the latest in a succession of disposals by Hallam on the Bridgwater site, which is already home to a regional distribution centre for supermarket giant Morrisons. David Wilson Homes is also "well on target" with the construction of over 400 new homes in the area.
Hallam has been involved with north east Bridgwater since 1999 and it says this deal marks another step towards the ultimate aim of transforming the site into a sustainable development featuring a mix of residential, commercial and leisure facilities.
Hallam land director Nick Duckworth said: "This development is a clear example of the type of site Hallam Land brings forward to create long term value for both the communities in which we operate."
Irwin Hall partner and real estate specialist Thomas Hall said: "This deal is an exciting development in the story of the north east Bridgwater site and a prime example of how quality land remains in demand even in difficult economic times.
"This is about more than the site of course, as the creation of jobs and the introduction of a major brand like Mulberry to the local region will undoubtedly prove to be a huge business boost to Somerset."