The developer paid £4.5m for the site where it intends to build The Lakes shopping centre on a 31 acre element of the site sat alongside the A45.
The site is situated opposite a Waitrose Food & Home store, a Focus DIY and a Lidl and has planning permission for 550,000 sq ft of offices.
LXB has been in discussions with East Northamptonshire Council to bring forward an alternative retail scheme of up to 250,000 sq ft to include a garden centre with retail and a hotel.
Tim Walton, ceo of LXB, said: “We are working with the local authority to bring the site forward for development and have been approached by several key anchor tenants who have identified its important position in East Northamptonshire”