A MULTI-MILLION pound regeneration masterplan to transform a deprived area by creating new industry and housing has been unveiled.

The South Valley Masterplan, covering the Waterside ward in Colne, looks to build some 370 new homes along Shaw Street and Spring Garden Mill to bring quality housing into the area.

Spring Garden Mill, which houses a number of manufacturing businesses, could be converted into apartments and business premises in a bid to attract more service based industries and end the area's reliance on manufacturing industries.

The plans will also look to make environmental improvements including extending the Millennium Green to create a linear parkland with a footpath and cycling links to the nearby countryside.

The majority of the funding for the scheme, which will go before the executive early next year and involve extensive consultations with residents and local organisations, will be private, with the housing and businesses being self-financed.

A new youth centre is also planned to replace the ageing Waterside Youth Club, in Damside.

Councillor Tony Greaves, Waterside councillor, said: "The old Waterside Village was knocked down in the 1930s and hopefully this will replace the derelict and old industry with something very special.

"We have two aims with this plan, firstly to rebuild Waterside and create a new village as part of the wider community.

"Secondly to provide a linear park for the Millennium Green.

"It is very exciting and I think we have a long way to go but this is a major stop forward.

"It will regenerate the valley and contribute to the future prosperity of Colne."

Plans for wind turbines and a caravan park and outdoor pursuits facility were dropped because of a lack of support and feasibility issues.

Residents wishing to comment on the plan can attend the Colne Neighbourhood Action Group (NAG) on January 7 at 6pm at St John's Methodist Church in Albert Road or the district committee meeting on January 10 at Colne Town hall at 7pm.