Speculation is mounting that a buyer has been found for the former Aylesford Newsprint site.

Property Week is reporting that Panattoni, the largest developer of logistics facilities in Europe, has reached a deal with receivers to purchase the site for £75m.

The 100-acre plot between the M20 and the River Medway has been derelict since Aylesford Newsprint closed in March 2015.

Panattoni is understood to be considering creating a logistics park of up to 1.6m sq ft of warehouse and industrial space.

The land is dedicated for employment use in Tonbridge and Malling council's Local Plan.

The council said it would "support new employment uses including light industry, general industry and storage and distribution."

The plan "recognises that future employment opportunities are likely to result in more intensive use of the site than the former paper making plant.

"With this will come more vehicular movements on the local road network."

To counteract that, the council said it would be necessary to open up Bellingham Way to provide vehicle access to Station Road.

It also said any developer would need to submit a masterplan for the site in advance.

However, the council said it had not so far received an approach from Panattoni.

The company itself declined to comment.

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