The Toyota site on the edge of Woolooware Bay is to become a commercial, industrial, educational and recreational business park, with the prospect of many new jobs.
Toyota Motor Corporation Australia Limited has agreed to sell the complex to privately owned property investor and developer, Aliro Group Industrial Value Fund (AGIVF), which is managed by privately owned Aliro Group, a property development, investment and funds management group.
Aliro Group plans to retain the existing buildings as warehouses and offices in what will be named Endeavour Shores Estate.
The sale follows the company's gradual withdrawal from the site, which was announced in 2014 when the decision was made to cease manufacturing vehicles in Australia in 2017.
In a statement on Friday, Toyota said the sale, which would be completed later this year, included its former national sales and marketing headquarters, a substantial warehouse and other buildings on land of approximately 12.4 hectares.
"Toyota Australia accepted Aliro's offer after a considered sale process, facilitated by Colliers International agents Trent Gallagher and Gavin Bishop," the statement said.
"Aliro has a 10-year vision to convert the site into a significant commercial, industrial, educational and recreational business park.
"Aliro's proposal - which includes retaining existing buildings - is expected to create a large number of jobs for the local community while delivering an important amenity for the area."
Toyota Australia president and CEO Matthew Callachor said these beneficial aspects of Aliro's proposal had been central to the sale.
"We believe Aliro's plans are in keeping with Toyota's 50-year history in the area as a significant employer and community member," he said.
Many of the site's Toyota Australia operations have moved to other Sydney locations, including a new parts centre at Kemps Creek and a NSW regional office at Sydney Olympic Park.
The only remaining Toyota Australia facility, a training centre, will be relocated ahead of the sale concluding.
Aliro's managing director, Daniel Wise, said Woolooware Bay was a strategically located prime waterfront industrial and commercial precinct in Caringbah, with unique attributes that provided excellent access to major arterial roads and approximately 25 minutes' drive to Port Botany.
Aliro's chief delivery officer and fund manager, Andrzej Masztak, said, "We respect the Toyota heritage in this area and recognise the significant short, medium and long-term potential for this site to generate significant employment and amenity for the residents of the shire and the local community," .