The purchase in partnership with support from Homes England marks a significant milestone in attempts to transform a key part of the city centre with around 1,100 new homes.
A bid for further grant funding from Homes England has been made to kickstart the demolition and infrastructure required to advance development of the site.
Councillor Mike Stonard, leader of Norwich City Council said: “The Council has grasped this golden opportunity on behalf of the people of Norwich to bring a bright new future to Anglia Square and ensure it’s developed as quickly as possible to benefit the people of Norwich.
“We are now in the driving seat to create a new Anglia Square with affordable homes, diverse retail and leisure outlets, a new neighbourhood centre, and well-paid jobs for local people.”
Pauline Schaffer, Director, Infrastructure Funding at Homes England, said: “Anglia Square is an example of Norwich City Council’s ambition to revitalise the city centre and repurpose brownfield land into new homes for the local community.
“This key regeneration area for Norwich, has the potential to have a huge transformational impact on the city. We have worked closely with the council to support the successful acquisition; this shows how investment from Homes England is helping to unlock new homes and thriving places people can be proud of.”