Red Funnel have bought an East Cowes car park with the intention of refurbishing it.
The ferry company say they have no plans to build on the land and want the car park to be an asset to both Red Funnel and the town.
The car park has been closed for around eight years since before the adjacent Waitrose near King’s Square was built.
It has had several owners during that time and the East Cowes River actually runs underneath it.
East Cowes Town Councillor Karl Love welcomed the purchased of the land by Red Funnel.
He said: “I welcome it. There are some people that have conspiracy theories that they are going to build flats on it. But I have been working with Red Funnel for more than a year, looking for a way of getting a central car park back to East Cowes because we don’t have long term parking. Now people can find parking without using our side streets.
“It opens up the place, it’s a big improvement. East Cowes Town Council welcome this, we’ve been trying to get something done for eight years.”
Cllr Love added that their could be electric car charging points on the car park.
A spokesman for Red Funnel said: “Red Funnel has recently purchased the Well Road Car Park in East Cowes (adjacent to King’s Square and Waitrose). We have started work on this to refurbish it and to reinstate it as a car park. There are no plans to erect a building on the site and our intention is that the reinstatement of the car park will be an asset to Red Funnel and to the town.”