FRESH plans have been unveiled for the regeneration of Burnley's historic Weavers' Triangle - including waterfront apartments.

Accrington-based Valegate Ltd is behind the ambitious bid to regenerate the former George Street Mill, on the banks of the Leeds and Liverpool Canal.

The development, incorporating 167 new homes and shops, is the third major boost for the industrial heartland, once home to Burnley's textile mecca, in recent months.

Last month Rossendale-based Hurstwood was given outline planning approval for a mixed residential, commercial and office complex, to the north of the latest bid.

And Birmingham property magnates St Modwen's are partway through redeveloping the former Lambert Howarth mill, and surrounding buildings, which will form another potential base for light industry and techology firms.

Under the new scheme, much of the George Street Mill will be bulldozed and eventually rebuilt. One building will be retained for commercial units.

On the canal banks a new building will be constructed, to include 38 one-bedroom apartments, 47 two-bed flats and six two-bedroom houses, alongside shops and business units.

Another smaller block would play host to 12 one-bedroom apartments, six two-bed flats and five more two-bedroom houses.

And a third building, housing commercial units, 19 one-bedroom apartments 29 two-bed apartments and a further four two-bed townhouses, is also pencilled in.

Two underground car parks will provide the majority of the 241 spaces provided for the venture, which has been discussed with officials from English Heritage, British Waterways and Lancashire County Council.

A spokesman for Clitheroe architects Stanton Andrews, the agents for the plans, said: "The application site relates to one hectare of land within the Weavers Triangle which is allocated for heritage-led regeneration and mixed use development in the Local Plan.

"The development of this area would contribute significantly to the economic and social well-being of the town."

The plans fall within the Canalside Conservation Area and would regenerate one of the most economically-disadvantaged areas in the country, according to latest Government figures.