Developers involved in reviving the Millennium Dome took on a second high profile regeneration project with a move for the Wembley complex.

Quintain Developments is to pay £48 million for the 44-acre site containing the conference centre, arena and exhibition halls.

The firm said the plot had potential for 3,000 homes and a range of leisure facilities close to the separately owned national stadium.

Quintain said the proposals, which could feature offices and shops, would provide greater benefit to the area.

It is not known which buildings occupying half the site would be retained, although a spokeswoman said the arena remained an attractive venture.

A planning application will be submitted in the next year, with the development expected to take between five and ten years to complete.

Quintain is part of the consortium planning to turn the Dome into a 20,000-seat arena for concerts and big sporting events.

The site will be developed with 7,500 homes being built and 20,000 jobs being created.

The deal is part of a move by Wembley PLC, owners of the Wembley complex, to become a track-based gaming business.

It has six UK greyhound tracks, including Catford and Wimbledon, and recently announced the sale of Keith Prowse Hospitality and Wembley's retail ticketing business.

Wembley chief executive Nigel Potter said the deal represented a "very good price" in the current market conditions.

He added: "We are taking none of the risks or costs associated with pursuing a planning application.

"The proceeds are not contingent on any future planning permission."