The Burnie City Council has confirmed it's sold the Old Tioxide Site in Heybridge to TasNetworks to assist the Marinus Link project.

The Council bought the site for $2.5 million dollars 13 years ago, hoping it would be transformed into an industrial hub, but it never eventuated.

In December the site sold to TasNetworks for $1.8 million, which it plans to use for the Marinus Link converter station.

The council had been receiving commercial rent prior to the sale.

TasNetworks has committed to a $400,000 dollar community fund over ten years to provide educational support for the community .

It's expected construction will commence by 2024.