The move comes after Aberdeen Asset Management completed the purchase of the five acre former Bath Press site for its residential opportunity fund from Meyer Homes.
Aberdeen said demolition work would start “imminently” with main construction expected to start early next year.
A spokesman for the developer said no main contractor has currently been confirmed for the job.
The Collado Collins designed scheme consists of 244 apartments and houses, 16,000 square feet of flexible business space accommodation and 204 car parking spaces.
The development will retain some of the most iconic elements of the building such as the main historic façade and the chimney.
Aberdeen has appointed Sculpture Real Estate as Development Manager’s for the delivery of the scheme.
Ed Crockett, Head of UK Residential at Aberdeen commented: “The Bath Press site provides us with an excellent opportunity to deliver a scheme of scale and quality in the under supplied and highly sought after central Bath residential market.
“This is the second UK asset acquired by this pan-European fund which continues to seek further opportunities to regenerate tired or redundant commercial buildings into much needed residential accommodation.”
Jonathan Meier, Director at Sculpture Real Estate said: “With the backing of Aberdeen we will be re-developing this significant historic site that has stood derelict for over 10 years.
“The history of the site and the City will come through in the quality of the finished product and will further regenerate this area of Bath.”