A £50 million pound scheme to redevelop an industrial site and create up to 500 new jobs set to be finalised.
Property developer Adhan Group of Companies has proposed plans to transform the Junction 7 Business Park in Clayton-le-Moors into a ‘hive of industry and commerce’.
As well as refurbishing the existing one million square feet of premises on the 50-acre site, it plans to construct an additional 500,000 square feet of modern purpose-built industrial and commercial units on vacant land there.
The company, which owns industrial, retail, office, leisure properties and storage space across the region, is now in talks with senior officers at Hyndburn Borough Council while its architects finalise the plans.
Originally built as an aero-engine factory for the Bristol Aircraft Corporation, the large site has been split into industrial units for many years and is currently home to more than 60 small to medium-sized enterprises (SMEs).
A previous scheme from a London-based company to redevelop the site with around 200 houses, a hotel, restaurant, petrol station and shops was granted planning permission, but failed to materialise.
Adhan bosses said it has ‘no plans to pursue that route’ but instead aims to regenerate the site for its ‘original intended use’ - as a hive of industry and commerce providing new employment opportunities and economic growth.
Its plans also end uncertainty for existing businesses about their future at the site.
A spokesman for Adhan’s commercial team said: “There is strong demand in the area for high quality industrial units, ranging from start-up businesses to SMEs and larger concerns.
“We are confident we can meet that demand through a thorough refurbishment of existing buildings and a significant expansion to put existing vacant land to work for the borough and its growing businesses.”
Bosses said it will offer a ‘wide range of premises’ suitable for most uses and with flexible terms designed to meet the needs of businesses from start-ups to established companies.
Adhan hopes to start work on the redevelopment phase during the first half of 2016, subject to the planning approval, and is currently taking inquiries from businesses seeking ‘bespoke premises’ on the new-build section of the site.
