Yorkshire-based developer Eshton is to start construction of a new road bridge across the Leeds-Liverpool Canal at the entrance of the planned 70-acre Burnley Bridge Business Park.
Work on the bridge and associated infrastructure at the business park, which is located at Junction 9 of the M65, is to begin this spring following confirmation of £3.8m from the European Regional Development Fund.
James Chapman, managing director of Eshton, said: "These are challenging economic times for the commercial property market, and it gives Eshton great pleasure to be able to develop this crucial strategic site and to create a significant number of jobs in the East Lancashire area.
"The ERDF grant gives us the green light. We can now start work in earnest at Burnley Bridge and attract quality occupiers to a quality site. We are determined to make this business park the very finest in the region, building on its fantastic location and providing good jobs for an excellent Lancashire labour force."
Eshton has consent for up to 650,000 sq ft of industrial space on the site and will undertake a speculative phase of industrial units from 5,000 sq ft to 15,000 sq ft in 2013.
Chapman added: "We are in advanced talks with a number of parties and could do deals in the coming months that mean we are also on site with bespoke buildings for the first occupiers at the same time as the bridge installation.
"The final phase of demolition and site clearance has now been completed, getting everything ready for development. The construction of the bridge over the canal will now kick-start the whole project."
Steve Rumbelow, chief executive of Burnley Council, said: "Eshton have had to be tenacious in the current market to bring this site forward and it has been a pleasure to help make it happen."
Burnley Bridge Business Park is located on the former Hepworth's site at Pollard Moor on the outskirts of Hapton and Padiham.
The agents for the development are Dove, Haigh Phillips of Leeds and Trevor Dawson of Blackburn and Burnley.