The Kilmory Park site in Lochgilphead is part owned by MacLeod Construction and the local authority.
Features of the 'masterplan' include present and future land use, urban design and landscaping, infrastructure and local services.
The site will be split into five zones to be developed over seven phases for industrial, tourism and community developments.
The first zone is located north-west of the site and has been selected for industrial, office, storage and distribution developments.
The second zone, in the east, has been agreed to contain high-quality business and possibly light industrial two-storey buildings, while the third zone will become the gateway to the park and involve single-storey business and tourism uses.
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In the middle of the site is the fourth zone, which is located next to the main spine road. It will allow for zones two and three to expand, with mixed uses identified, ranging from light industry to storage and distribution.
The final zone is a large area to the north-east and has been set aside for community use, yet no designs are in place for an exact plan.
Angus Gilmour, Head of Planning and Regulatory Services at the council, said: "This is great news for the local area. We're very pleased that MacLeod Construction, helped with funding from the council and Highlands and Islands Enterprise, brought this masterplan forward.
"We're delighted that there is now an agreed development vision in place for this site. This is a real good news story for the area and will allow for the site to be developed in a logical way which benefits everyone."
Murdo MacLeod, MD of MacLeod Construction, added: "We are delighted that Lochgilphead will now have an industrial estate that we can expand in partnership with the council and bring more people into the area. We're very keen to create an industrial and business park to ensure there are jobs for people to move into and indeed stay in the area. This is a big move forward for Mid-Argyll."
If planning applications are approved, the first sites to be developed will be the initial access road off the A83 and a small industrial unit in zone four.
(LM)
