Councillors have agreed to the sale of two parcels of land on Whitby Business park.
It will create a capital receipt for the borough council which is seeking, in conjunction with the county council, to improve and add to the offering on the business parks based on the outskirts of town.
While the figure paid remains confidential, it is thought the land value was estimated at around £120,000 to £190,000 per acre - and both sites are around half an acre each.
One is a square layout enabling development and the other is irregular, making development opportunities more limited.
It has not yet been revealed who the purchasers are but the sites were sold by a tender process after a marketing period of nine weeks.
A council document says: “One of its main aims (council joint action plan) is to make additional land available to bolster the role of the business park in terms of stimulating investment and creating job opportunities.
“The sale of the sites will support this ethos.”