A total of 11 bids were received for the purchase of the site, with short-listed bidders also presenting their proposals to Rugby Borough Council planners.
The proposals for the site include use for warehousing and distribution.
Neil Parsons, PSA Peugeot Citroën group property manager, said: “We are satisfied that the prospective owners of the Ryton site plan to make commercial use of the property contributing to the local economy and the employment market.”
London-based Trenport Investments Limited, which owns more than 2,000 acres of land in Kent, has a long track record of commercial developments. It is part of Ellerman Investments Limited, a major property group with interests throughout the UK.
Managing director Tony Parson said today: “We intend to progress as rapidly as possible, with the planning authorities and agencies in the immediate Coventry and Rugby areas and within the Midlands, to develop plans for the comprehensive redevelopment of this regionally strategic site. Our immediate aim is to develop opportunities for several hundred jobs and to achieve diverse business opportunities in the future that will bring more employment and wide-ranging economic benefits to the area. We expect to commence this process immediately upon completion of the purchase on April 16.”
Further information will be released upon sale completion.