Asian buyers are poised to secure a piece of Yarraville's industrial history to build a $2 billion mini-city.

It is believed a record price will be paid for the prime site, abutting the West Gate Freeway in Melbourne's west. Sources say the owners of the old Bradmill denim manufacturer recently struck an exclusive deal to sell 24 hectares to a south-east Asian developer for more than $120 million.

It will be the most lucrative inner-city residential land sale in Melbourne's history if it is seen through.

The new precinct, dubbed Yarraville Gardens, is likely to have about 1500 houses and a neighbourhood centre including two supermarkets, a restaurant, service station and a medical centre. A master plan by Melbourne architects Peddle Thorp includes two ''landmark'' towers and a series of apartment buildings with city and bay views. A website spruiking the development says such a significant landholding on the CBD's doorstep was ''unprecedented over the past 50 years'' in Melbourne.