A HUGE 90-acre industrial estate is set to be created alongside the M65, in an ambitious regeneration project aimed at boosting business and preventing the local brain drain.

Hyndburn Council chiefs have revealed they are in talks with developers to begin work on creating the new estate on fields running along the outskirts of the borough.

The new site, it is hoped, would be used for mainstream industry as well as new firms set up by local graduates. The project area runs from the M65's junction six across to Blackburn Road, near to the Old Mother Redcap pub.

The council is hoping to establish a link with businesses already in the area and a university so that firms run by local graduates can be encouraged to set up on the site, where they can be watched over during their formative years by successful businessmen.

The land is earmarked for industrial development under the Local Plan -- a document drawn up to designate a purpose for all land in the borough.

Nigel Rix, director of Hyndburn First, Hyndburn Council's regeneration arm, said today: "We are in talks with developers about the site and we are working towards creating something there.

"It is a large site and, without a doubt, would be our flagship venture.

"The land is prime for development. It runs right alongside the M65 and has excellent transport links."

The estate will be used to create high wage jobs in industry rather than retail or leisure, although there is a possibility of incorporating a small hotel with fitness facilities for use of people at the estate.

Discussions are now being held over the possibility of the council buying the land after it has established who owns it.

A similar 'graduate' scheme is currently being pursued in Preston.

Mr Rix said: "It is important that we stop losing our graduates to other parts of the country. A link-up of this sort would be great news for the area.

"It is something we are looking at."

Details of the scheme were revealed as regeneration chiefs spoke to the Lancashire Evening Telegraph about their achievements in bringing new jobs to other sites in the borough.

Despite a decline in manufacturing, unemployment has dropped to its lowest for more than a decade -- just three per cent -- thanks to the arrival of new white-collar jobs and firms would in technology sectors. Council leader Peter Britcliffe said: "We have taken a lot of knocks, but we are bouncing back. We have a long way to go and the new projects we are working on are very exciting."