Mayo County Council has purchased the former Volex building in Castlebar at a price of €610,000.
The 6,000 sq. metre building is to be developed as an enterprise centre for the county.
Cathaoirleach of Mayo County Council, Councillor Damien Ryan, welcomed news of the purchase and said he is looking forward to the redevelopment of this key building.
He said he anticipates the move will generate new jobs for the county.
The council's chief executive, Mr. Peter Hynes, said the decision to develop an enterprise building “presents an exciting prospect for everyone who is interested in economic development and increasing employment in Co Mayo”.