Score Group plc will lease the area formerly known as Buchan Meadows to The Brave Outdoors Ltd from February 1.
The former Buchan Meadows site is made up of 43 acres of woodland on the outskirts of Peterhead.
The Brave Outdoors Ltd will maintain the area and are working on creating a new social enterprise for Peterhead.
They are currently working alongside the council and community groups to identify needs within the town with regards to green spaces, health and well-being.
The Brave Outdoors will post updates on their Facebook page.
Commenting, Conrad Ritchie of Score Group said: “We are delighted that this area will be available for the public to use and enjoy again.
“We are very conscious of our corporate social responsibility and it is our wish for this area of woodland to be accessible and enjoyed by all in the local area.”