A MULTI-MILLION pound scheme to transform a seven-acre site in Burnley’s former industrial heartland has been unveiled.

The plans have been hailed as a massive boost to the redevelop-ment of the town.

Under the plans submitted by Warrington-based developers St Modwen for the Finsley Gate area, up to 168 new homes could be built, as well as new offices, public spaces and a leisure or community centre.

Council chiefs and politicians have hailed the development as fantastic news for the town.

Gordon Birtwistle, MP for Burnley and Padiham, said it showed the town was beginning to show signs of recovery.

“This is the first step to the regeneration of the canal bank and Weavers Triangle area,” he said, “especially with the work going on at the other end of the site.

“There has been £4.5million spent on the Slaters Terrace and I think there are two or three big developers interested in taking it on.”

The site has been owned by St Modwen since January 2007 when they bought it off former shoe manufacturers Lambert Howarth.

When plans were first unveiled nearly four years ago it was estimated the scheme would cost around £10million.

The site lies next to the Weavers Triangle area, which is the subject of ambitious redevelopment plans for the Weavers Triangle.

Coun Charlie Briggs, leader of Burnley Council, said: “All this waiting for the Weavers Triangle and all those buildings are eventually coming to fruition.

“I have had a look at the plans and I’m very excited by what I saw, I think all the residents in that area will be pleased.

“This is a fantastic thing for Burnley.

“We have got developers interested in the Weavers Triangle and St Modwen thought it was the right time for them to press on.

“It is a big boost for the town, with the Oval shopping centre development and the Weavers Triangle it is good for Burnley.”

The developers original plans for the site have been altered slightly after Finsley Gate Mill and Healey Royd Mill suffered vandalism since the site was purchased.

A planning statement submitted with the application said both mills had been left in danger of collapse because of the level of vandalism and looting.

It said: “Whilst the initial plans for the mills were commercially viable, following the looting a feasibility study was prepared which showed that the applicant would require £9.6million of public sector funding in order to deliver the same scheme.”

Despite approaching the Homes and Communities Agency and the North West Regional Development Agency for funding the developers were unable to raise the level of cash.

The new plans would see both mills demolished to make way for the scheme.

Mr Birtwistle said: “Investment in Burnley is always welcome, there is private and public sector funding coming in.

“Once private companies start investing then the town’s economy is going to be picking up.

“The town is slowly on the up, there is a lot of housing go up in the Burnley Wood and Accrington Road areas as well.”

St Modwen's north west regional director Michelle Taylor said: "We have been working very hard with Burnley Council and the English Hertiage Trust in putting these plans together.

"We are very hopeful planning approval will be given early in the new year.

"In our master plan, we see the whole of next year spent on emergency work to secure the structure and site preparation so the following year can be spent creating the development.

"We have had great interest in the development already and are confident the project will be warmly received."