THE £50million transformation of Burnley's Weavers' Triangle is the best Christmas present East Lancashire could have said the man behind the scheme.

Stephen Ashworth, chairman of the Rossendale-based developer Hurstwood Group, was speaking after Burnley Council gave planning permission for the project to start.

Now Mr Ashworth said building work to revolutionise one of the most historic collections of industrial buildings in the country into a leisure and business complex could start in early 2008.

Burnley Council hope the project could lever in about £250million of investment.

He said: "This is the best Christmas present East Lancashire has had in years.

"There have been many false dawns at the Weavers' Triangle but now Hurstwood is starting to make things happen.

"We have put together an exciting and ambitious project and the decision is wonderful news for the regeneration of the Weavers' Triangle, for Burnley and for East Lancashire because the plans will do for the Weavers' Triangle and Burnley what the Castlefield regeneration scheme did for Manchester."

Hurstwood has spent two years drawing up plans to transform listed warehouses and weaving sheds it owns on the banks of the Leeds and Liverpool Canal into an 800-capacity music venue, restaurants, offices, homes and public squares.

Buildings to get a new lease of life include the former Clock Tower mill and Lord's Printers sites.

The area could also host The Fashion Tower, an innovative idea proposed by former record company boss Anthony Wilson and his partner Yvette Livesey, which aims to celebrate the region's textile heritage as well as providing business and education space.

Hurstwood will now spend the next year providing more in-depth plans for the site before work on site begins.

Mr Ashworth added: "Hurstwood has already spent a great deal of time, effort and money to reach this point.

"We can now draw up a more detailed planning application.

"If those plans are approved we hope to be on site some time in 2008."