The 1.5 acre site is to be developed as a Premier Inn and a Beefeater restaurant.
Robert Anthony from Bruton Knowles’ Development team said the prominent site, adjacent to the A419 and A429, had generated interest from a wide range of leisure, retail, commercial and even residential occupiers.
He said: “It was particularly satisfying to close the deal on this site on which active marketing only began in May. This demonstrates the increasing strength of the local economy and the determination of businesses, big and small, to bring new schemes forward.”
Cotswold District Council deputy leader Cllr Nick Parsons, who has responsibility for property and asset management, added: “The town is already a retail, leisure and employment hub for the wider area, and the construction of a new Premier Inn and Beefeater will provide a further shot in the arm for the local jobs market and the tourist trade.”
Richard Pearson, Acquisition Manager for Whitbread Hotels and Restaurants, said: “We are pleased to be investing into a new Premier Inn for Cirencester and to have completed this deal with Cotswold District Council.
“We are proposing a new 60-bedroom hotel and Beefeater Grill restaurant which, as well as regenerating the former Lorry Park site, will create approximately 50 new jobs in the local area, around half of which will be offered to those who have been long-term unemployed.
“This is an ideal location for us and we look forward to preparing and submitting a planning application in the coming months.”
Plans had been previously drawn up to use the Kingsmeadow site as a depot for waste lorries but they were shelved in favour of a site in South Cerney.