A DERELICT mill described as a "blight" on the landscape is to be given a facelift.

The Karrimor building, on Eastgate, Accrington, has been bought in a joint venture that will see the four-storey building transformed into office and retail space.

Demolition will start next week on an adjoining building, with some initial work starting at the same time.

Two floors have already been rented and new owners, chartered surveyors Glovers Project Services Ltd, of Eagle Street, Accrington, and property investment company Magenta Holdings Ltd, of Delph Road, Great Harwood, say they have had interest from retailers for part of the ground floor.

Neither company would divulge how much they paid for the landmark building, but it is thought that it amounted to at least £1million. Refurbishment costs are still being worked out.

The building has been empty since Karrimor moved to Clayton-le-Moors in 1980 and has been repeatedly targeted by vandals.

In June last year Hyndburn Council leader Peter Britcliffe said it was a "blight" on the town centre landscape and suggested the council should buy it and turn it into luxury apartments.

Since then the council has introduced a moratorium on new residential build.

David Baldwin, a director with Glovers, said: "Two floors have already gone. We have got very strong interest in it. We are aiming to have the first ones in there by the end of September.

"It will make a massive difference to that area and it's all privately financed.

"There is obviously a risk involved here but we think it's a good risk."

Rupert Swarbrick, a director with the Magenta Group, said: "I have been interested in trying to redevelop this mill since 1999 and finally all the bits of the jigsaw have come together. I'm delighted we have got hold of it. It's a great building, a landmark building and it wants regenerating and refurbishing to a very high standard to help the town centre."

Peter Clarke, Hyndburn Council's regeneration portfolio holder, said: "It's good news because it's been an eyesore for a long time and a health and safety risk. It's been stuck there like a sore thumb."

Thieves stole a generator worth £335 when they broke into the building between midnight on Friday and 4pm on Sunday .