A listed building ravaged by fire could be bought up by Rossendale Borough Council.

The local authority is exploring options for a compulsory purchase order on Waterside Mill, a Grade II Listed Building within the Bacup Town Centre Conservation Area.

Council bosses say it is key to the regeneration of Bacup that a sustainable use be established for Waterside Mill.

The building has fallen into a severe state of disrepair following a fire which caused significant damage to the roof and internal floors in May 2003.

The damage left the building largely open to the elements with internal structural timber now in very poor condition and the building no longer safe to access.

The building owner is absent and following concerns raised as part of a structural report Rossendale Borough Council stepped in and instructed contractors to take down the western gable, which was considered unstable and had the potential to collapse, putting neighbouring residential property at risk.

Cllr Christine Lamb, deputy leader of the council and portfolio holder for regulatory services, said: "Waterside Mill is an important part of Bacup’s heritage but sadly has fallen in serious disrepair so much so the site is very dangerous and many residents consider it an eyesore.

"We have worked closely with a range of partners over a number of years but despite much time, work and continued effort we have not yet been able to get to a position where there are firm plans for it to be brought back into use.

"As such, we are exploring a range of further options including using a compulsory purchase process. Of course, CPO is a lengthy and expensive process but it’s important we are able to go down that route if necessary.

"We will continue to look at every avenue as we look to bring the site back into use so it benefits the town and complements the great work already underway there."

If the local authority decides to pursue a compulsory purchase order, there are plans to use the site for a mixed use development with 39 new homes and light industrial space.