THE final £7m to fund a long running project to regenerate a district close to Burnley town centre has been released and work started on 62 new homes.

The money will be invested in a new new housing scheme in Burnley Wood on a currently derelict site.

Housing and regeneration specialist, Keepmoat has started the fourth and final phase of the Burnley development, which will offer an additional 62 new homes on a redeveloped demolition site, which previously housed low quality Victorian terraces.

Keepmoat first began work on Burnley Wood in 2008.

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Once complete, the regeneration will have provided 242 new homes with new community facilities.

The scheme is being delivered in partnership with Burnley Borough Council and the final homes built will comprise a mixture of two, three and four bedroom homes for open market sale.

The regeneration has not been without controversy.

Opposition mainly surrounded the loss of the Burnley Wood Youth and Community Centre, at the Glebe Street end of the development.

Gareth Roberts, regional managing director for Keepmoat in the North West, said: "We’re delighted to be building on the demand at Burnley Wood with the delivery of an additional phase.

"These new homes offer real options for local people to get on the housing ladder or progress to a bigger home, thanks to the availability of schemes like Help to Buy.

"Our partnership with Burnley Council continues to deliver first-rate regeneration; as together, we have identified unused and unkempt land and delivered much-needed new homes for local people, while attracting new residents from further afield."

Councillor John Harbour, Burnley Council’s executive member for housing and environment, said: "It’s great to see work start on the latest phase of Keepmoat’s development in Burnley Wood.

"The houses already built have changed the face of the area and drawn in new people and injected an extra lease of life into an already thriving community.

"This is a welcome investment and I’m excited to see how the finished homes will look."

The homes have been built on cleared land bordered by Parliament Street, Crowther Street, Branch Road, Oxford Road, Parkinson Street and Clarence Street.