A LANDMARK scheme to revive the Weavers’ Triangle heartland in Burnley is back on track with a near £5million cash injection.

Council bosses have been awarded a £4.9million grant from the Northwest Development Agency to buy a number of property interests currently held by former Rossendale-based developer Hurstwoods.

Landmarks such as Victoria Mill, Sandygate Shed, the old Waterloo Hotel, Slaters Terrace and Engine House, Wiseman Street Yard, and the former Clocktower Mill site, can now be snapped up. And the former Dexter Paints factory holdings nearby, and land to the northeast of Trafalgar Street, will also form part of the NWDA fund acquisition.

The development has had a chequered recent past, with Hurstwoods originally producing fresh plans for the former cotton industry hub.

But town hall chiefs were forced to admit that the Hurstwoods bid was on the back burner late last year because of the economic slump.

Now Burnley Council will be able to draw up a masterplan for the site to garner interest from new developers when the economy improves.

Mark Hughes, the agency’s economic development executive director, said: “Without intervention, this opportunity would remain in fragmented multiple ownership and the buildings that give the area its unique identity may be lost.

“The existing vacant sites and poor condition of historic buildings would remain as a major blight at a key gateway to the town.”

Council leader Coun Gordon Birtwistle added: “This is a turning point for the Triangle. An exciting scheme that should have already been developed now will be developed.

“For the first time in its history, the people of Burnley hold the keys through this bold buy-out.

“When the economy picks up we will be ready, and the Triangle will be ready, to attract developers and continue driving Burnley forward.”