BURNLEY'S historic Weavers' Triangle is set to undergo a £260million revolution creating a jobs and investment bonanza for the town.

New plans for the rejuvenation of one of the oldest collections of industrial buildings in the country have been revealed.

They will see the area transformed into a business and education centre as well as a leisure and tourism destination.

The Weavers Triangle is an area by the Leeds and Liverpool Canal that was once at the heart of Burnley's textile industry. It is made up of weaving sheds, spinning mills, foundries and warehouses from the Industrial Revolution some of which are still in use as business units.

Now a masterplan has been drawn up to breathe new life in to the area as well as raising Burnley's profile and image.

A report to go before the council's executive anticipates that over the next 15 years £51 million of public money - from organisations such as the council, Lancashire County Council, British Waterways and regeneration body the North West Development Agency (NWDA) - will lead to: £213m being ploughed in from private investors 195 businesses being set up The creation or safeguarding of 4,763 jobs The building of 315 homes.

Under the plans it is intended to make restore the triangle's links with the town centre by improving pedestrian access to the canal, prompting further investment in Burnley centre.

The history of the area will be retained and be combined with contemporary buildings.

Hugh Simpson, the authority's head of regeneration and economic development, said the authority had already in place more than £2.25million - £1.95 million from the Heritage Lottery Fund and £320,000 from council coffers - and was confident the rest would be found.

But he added the vision was not set in stone and was designed to act as a guide for developers to invest in the site.

Mr Simpson said: "I think the Weavers Triangle is unique in character which will help us to create a 21st century image of Burnley.

"It's historic, it's waterside and we can provide uses that make the most of that location.

"It has got a very strong role to play re-imaging Burnley and making it feel like a 21st century town that people want to come to and live in.

"We have started well and as time goes on we will attract the right funding because we will be able to demonstrate it is a landmark project."

The masterplan, funded by the council, NWDA and English Heritage, is recommended for approval when it goes before the executive tomorrow (tues).

If launched the blueprint proposes the Weavers Triangle be split in to four sub-areas: Gateway, Sandygate, Hammerton and Finsley Gate.

The main elements of the zones would be office space, housing, the creation of landmark buildings around public squares and canal related leisure.

Work would start first in Hammerton and Sandygate followed by the other two zones.

Rossendale-based developer the Hurstwood Group, which owns some of the site, is also working on proposals to regenerate the area which could see restaurants, bars, offices and houses built.

Amberfell Estates, of Wilmslow, also intends to build 24 homes at Thorneybank Mill, Nelson Square.

Mr Simpson said Hurstwood was still working on its ideas which would probably be implemented first in the 15 year plan.

He added: "The vast majority of the site is going to be brought back into use or refurbished by the private sector.

"Hurstwood will be the vehicle that delivers the investment on the ground."

Town centre manager Lisa Durkin said the development was key to the future of the borough.

She added: "The Weavers Triangle is an important area to unlocking future investment in Burnley because it is so close to the town centre.

"There is not that much room to extend the town centre so these developments will compliment the town centre.

"It is absolutely fundamental we create links with that particular site and we work together.

"I would love to see something great to happen over the coming years."