PRIVATE cash is needed to transform an eyesore Hyndburn gateway into an up-market canalside development according to the council’s leader.

The Hargreaves Warehouse site remains a blot on the Accrington, Church and Oswaldtwistle border despite regeneration plans being drawn up in 2004.

The Grade II listed building is currently up for auction with a guide price of £130,000, but its fate now hinges on attracting the right developer, according to council leader Peter Britcliffe.

However Hyndburn MP Graham Jones says the building’s repair costs and the legal problems in demolishing a listed building, make private investment unrealistic. Coun Britcliffe said he hoped developers would have the vision to see the potential for the canalside site, and pledged that the council would support any developer who stepped forward.

He said: “Hargreaves Warehouse is one of those plans that slipped by the wayside with all the cuts to regeneration. It is something that now needs private investment and I think anyone with any vision could see the potential for the canalside location.

“I have had many concerns in the paast about the building’s safety and the area as a whol eneeds regeneration. Any private developer addressing these issues would have the council’s full support.”

Hyndburn MP Graham Jones said: “The building is in a very poor state, any investor would pay out more than they would get back in.

"Demolishing a listed building is a problem too, consent for that is out of the hands of the borough council.

“Public cash is the only thing that will regenerate the area and that has all been cut. It’s unrealistic to think a business would take it on.”

Hyndburn Council has long hoped to attract multi-million pound investment to create a distinctive area surrounding the building.

They first drew up plans in 2004 for restaurants, cafes, offices, shops and homes for a major transformation of the canal area around the warehouse.