MEPC has completed the £2.85m deal for the 28-acre Rolls-Royce site after agreeing terms with St Modwen Developments.
Hillington Park, which is celebrating the 75th anniversary of its formal opening by King George VI and Queen Elizabeth in 1938, is already home to around 500 businesses and in excess of 6100 people.
The 419-acre site, around seven miles to the west of Glasgow city centre close to junction 26 of the M8 motorway, is also home to the Hillington Park Innovation Centre and Merlin Business Centre for start-ups and small businesses as well as the likes of Balfour Beatty Engineering Services, Heathrow Airport Holdings and BMI Healthcare.
Now MEPC has outlined its ambitions to add infrastructure, commercial buildings, retail premises and other amenities in the coming years to attract more tenants.
Up to 500,000sq ft of new space could be developed on the former Roll-Royce site.
Jamie Cumming, commercial director for MEPC in Scotland, said: "The purchase of the currently vacant, former Rolls-Royce site is part of MEPC's plans to further grow Hillington Park's appeal as a location for local and national companies.
"This plan includes a new master plan, signage strategy and commitment to make a case for investment of up to £50m over the next 10 years in infrastructure, commercial buildings and supporting retail and other service amenities."
Mr Cumming said he is seeing more positive signs of business growth and investment coming from existing occupiers at Hillington and believes the demand for new space will initially come from them.
He added: "We have been good at helping companies here continue to expand into new units.
"Alongside that we would also be keen to attract organisations which perhaps need a base in the central belt or even in Scotland itself."
Rolls-Royce manufactured engines at Hillington Park for more than 60 years with the site employing 25,000 people at its peak. The firm finally moved from the site in 2005 to a new purpose-built facility at Inchinnan.
MEPC has majority owned Hillington Park since 1996 when it acquired Caledonian Land.
Since then more than 700,000sq ft of new office and industrial accommodation has been created at the site.
MEPC also owns the Clyde Gateway East business park to the east of Glasgow city centre as well as facilities in Oxfordshire, Leeds, Basingstoke, Warrington and Watford.