Maintaining Swindon's Honda plant as an industrial site could be crucial to the town's economy, the borough council has been told.
James Lockhart, of commercial estate agents Whitmarsh Lockhart, called the South Marston site "one of the very best in the south of the country".
He said it was important it remained available for industrial use and not for new homes after Honda announced the plant would close in 2021.
Honda is working with authorities.
"It's a brilliant site, there's room to expand, the buildings are in good shape because Honda looks after them and it's basically right on the motorway junction," Mr Lockhart said.
"There will be a lot of companies who would be looking for a site like that. It's important that it remains available for industrial use and is not built on for housing."
He added as the landowner, Honda was entitled to do as it pleased with the site, the Local Democracy Reporting Service reported.
A spokesman for Honda said: "Now that the closure is confirmed, Honda of the UK Manufacturing Ltd will continue to work closely with local and national government, including Swindon Borough Council, regarding potential options for the future usage and ownership of the site."
Swindon Borough Council's cabinet member for economy, Oliver Donachie, said he hoped there would be no change of use at the site.