The site on the A40 just outside Ross-on-Wye is owned by the council, which is keen to see investment in the knowledge-based high-technology sector on the site.
The outline plan divides the site into zones with identified uses that could include office space, research and development, general industry, storage or distribution centres.
There will also be a 12-acres landscaped area as a buffer zone between the site and the nearby housing.
Members of the council's Planning Committee met to discuss the application on Friday last week, January 18, and granted permission, subject to a number of conditions.
The committee heard that the site is identified in the Herefordshire Unitary Development Plan as allocated employment land, a protected open area and green spaces.
Ross-on-Wye Town Council supported the scheme, saying it had the potential to be a flagship development.
A flood risk assessment supported the application, taking into account the flood alleviation scheme which is currently under construction.