The property, located just off the Stanningley by-pass and a few miles from Leeds city centre, has been empty since early 2011.
Gregory plans to demolish approximately one third of the building and refurbish the balance of 30,000 sq ft and also provide 130 new car parking spaces.
Leeds-based Gregory Projects has already secured a deal with the budget gym operator Pure Gym to take a 20,000 sq ft leaving 10,000 sq ft available for sale or to let to a regional or local trade operator.
A new Aldi store is being built in the surrounding area and is expected to complete before the end of this year.
Richard Tovey, director at Gregory Projects, said: "The property has been vacant for a couple of years; our proposal will breathe new life into the building whilst delivering important facilities to the Bramley community and create over 30 new jobs. It will compliment other new outlets in the vicinity, including the Aldi store."
Angela Crawshaw, property director at Pure Gym, added: "Pure gym is very pleased to be working again with the Gregory Group with another exciting site proposition. This will be our 3rd gym in Leeds, it complements our existing offer next to the Corn Exchange and the soon to open Pure Gym at the Merrion Centre."
Subject to planning approval, Gregory Projects hopes to complete the refurbishment within six months from start on site.
Colliers International is handling the planning process. Gent Visick and AWS, both of Leeds, are advising Gregory Projects on the marketing of the 10,000 sq ft available.