The Lisburn site was bought by Plastec NI Ltd in 2012 for £590,000, and had been lying dormant for four years.
The original building was demolished and, when redevelopment is complete, will provide five major units suitable for warehousing, manufacturing and/or office purposes.
As an indication of the size of the new facilities, the new roof is one of the largest to be constructed in Northern Ireland.
Tom Hawthorne, CEO of Plastec NI Ltd, explained: “As we were setting up our Northern Irish operations it became clear there was a significant shortfall in the availability of commercial warehousing and industrial premises in the Lisburn area.
“The site was brought to our attention and its location, with excellent accessibility to the motorway network, meant the potential was obvious.
“We have had a lot of interest, with the first unit already let. The other units are expected to be let as they complete over the next six months.
“Danske Bank have been working with us since we first purchased the site and their support has been fantastic.”
David Croft, Senior Business Manager at Danske Bank added: “This new development shows there is a strong demand for industrial property and it is another sign of a resurgence in the commercial property sector.
“At Danske Bank we are keen to support this growing sector, and are delighted to be working alongside Plastec and their exciting plans.”