Fuchs Lubricants plans to demolish buildings and remediate contamination at its disused Wickham factory to make way for redevelopment.
The huge 9000-square metre redevelopment site on the corner of Holland and Railway streets was placed on the market in April after lying dormant since 2017.
The land, which is as big as two football fields, overlooks Passmore and Hawkins ovals and has a height limit for future development of eight storeys.
The NSW Environment Protection Authority issued a "declaration of significantly contaminated land" for the site in 2020.
The contamination includes petroleum hydrocarbon, PFAS (per- and polyfluoroalkyl substances) and other chemicals, heavy metals and asbestos.
An environmental assessment in 2016 attributed the presence of PFAS to a "historical" leak of fire-fighting foam from an above-ground fire hydrant.
Fuchs' development application to City of Newcastle says it has entered into a voluntary agreement with the EPA to remediate the site.
The land contains two large factory buildings and two 5000-litre underground diesel storage tanks.
It is zoned for commercial and mixed-use residential development.
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