The joint venture is planning to transform the 12.5 acre site into a quality business and logistics location, creating up to 500 jobs.
The joint venture partners are currently working on a plan for the site, which will be launched on to the market within a couple of months.
The £13.6m development, which has outline planning permission, will comprise quality industrial, warehouse and logistics units, ranging from 40,000 sq ft to 150,000 sq ft.
Mike Heydecke, director of Sterling Capitol, said: “We are delighted that a company of the calibre and pedigree of Marshalls CDP has decided to form a joint venture with us.
"This is a ringing endorsement of the potential of Capitol Park, Barnsley, which is now proving to be a popular location for quality businesses.
“As developers, we at Sterling Capitol have a proven track record in delivering highly successful business parks in prime motorway locations in Yorkshire.
"Capitol Park Leeds has revitalised its community and have created more than 1,600 jobs.
"I am delighted that Capitol Park Barnsley is proving equally successful, this new development will add to this success.”
Rebecca Schofield, partner and head of property consultancy Knight Frank’s industrial property team in Yorkshire, who is advising the joint venture, explained: “There is currently a serious shortage of good quality industrial stock in South Yorkshire, which is immediately deliverable.
“This development addresses this problem and provides a solution. Moreover, both JV partners have extensive experience of South Yorkshire, Sterling Capitol as developers and Marshalls CDP as developers and contractors. Together they will be a formidable combination.”
The main office building at Capitol Park Barnsley is One Capitol Court, which was developed by Sterling Capitol in conjunction with Priority Sites. Tenants include Finance Yorkshire, Hargreaves Industrial Services and Kelda, Capitol Park also includes a hotel, a pub and seven occupied hybrid units.
Capitol Park is part of the Sheffield City Region Enterprise Zone, which provides a number of incentives for new occupiers, including enhanced capital allowances; business rate relief; simplified fast-track planning; superfast broadband; and support from the region’s Inward Investment team.