Barnfield Investment Properties has been awarded planning consent for the redevelopment of the Sandygate Mill complex, part of Weavers Triangle, in Burnley.
A joint venture between Burnley Council and Barnfield Construction, the plans include the conversion of the derelict industrial buildings, Sandygate Mill and Slater Terrace, into commercial office space.
Designed by Campbell Driver Partnership, the 24,876 sq ft project includes the conversion of Sandygate weaving shed into a car park and outline consent for the conversion of the derelict Waterloo Hotel into commercial floorspace.
Gareth Smith, project director at Barnfield Investment Properties, said: "We are committed to the ongoing regeneration of Burnley and the approval of this phase of development means we can continue with the redevelopment of Weavers Triangle and help revitalise this part of town.
"By securing planning permission in this timescale we will be able ensure Regional Growth Funding can be used to help deliver these plans successfully."
Indigo Planning advised Barnfield Investment Properties.
Daniel Jackson, associate at Indigo Planning, said: "This proposal will transform the deteriorating listed Slater Terrace and Sandygate Mill, which has been empty for over 20 years, and will help provide significant benefits to the area including new jobs, improved connections through the site as well as providing significant infrastructure, highway and environmental enhancements."
The £12m project is part of the wider regeneration of Weavers Triangle. The conversion of a grade 2-listed Victoria Mill into a University Technical College, as part of the first phase of the planned regeneration, is currently under construction.
The next phase of development will include student accommodation and leisure facilities.
Construction is due to commence in spring 2013.