The acquisition from Scottish Enterprise means plans for new workshop premises can be constructed at the Vale of Level Industrial Estate.
The £1.8m project will provide around 15,000 sq ft of new flexible workshop space. Each unit will range from 500 to 1,000 sq ft in size, and work is due to commence on site later this year, with a scheduled completion date of summer 2015.
In a statement, the local authority said the land purchase is the "latest example" of its commitment to regeneration in West Dunbartonshire, following on from the planned redevelopment of Queens Quay in Clydebank, as well as the construction of new Council offices in town centres.
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Welcoming the news, Councillor Patrick McGlinchey, Convener of Infrastructure, Regeneration and Economic Development, said: "A survey carried out in 2012 showed that there is demand for new workshop space in the Dumbarton and Vale of Leven area. This project will meet this demand and remove one of the barriers that small firms in this area are facing.
"These new units will be ideal for new businesses, or for existing businesses to expand. This is the first time for many years that the Council will be building new industrial premises to meet local demand using its capital funds and funding from the Scottish Government."
Councillor David McBride, Depute Convener of Infrastructure, Regeneration and Economic Development, added: "The purchase of these sites in order to enable investment is further demonstration of WDC's commitment to economic development. This project will transform an area of land which is currently vacant and derelict, into economic use to benefit the wider business community, which is great news."
(JP/CD)
