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The investment firm plans to build a computer centre, known as a hyperscale data centre campus on the grounds.
Large data centres are used by companies including Google, IBM and Microsoft and typically comprise more than 5,000 servers and cover 10,000 square feet.
A spokesperson for Blackstone said: “We applaud the council’s focus on revitalizing a stranded site, and we look forward to engaging with them and the wider stakeholder community as we progress this meaningful potential investment.”
There have been no further details of which organisation may run the data centre, but the council’s cabinet will consider the plans at a meeting on 23 April.
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