Pendle Council buys Brierfield Mill for £1.5m
Pendle Council has bought an historic former weaving mill complex with a grant of £1.5m from the government's Homes and Communities Agency (HCA).
The Grade II listed Brierfield Mill is on English Heritage's register of buildings considered at risk.
A previous plan to turn the seven acre site into a college failed and the council said it would consider a range of uses for the building.
The council said it will take up to ten years to complete the regeneration.
Councillor Mike Blomeley, leader of Pendle Council, said it was "fantastic news".
"This is something I've pushed hard for during my time as council leader, so I'm particularly pleased we've succeeded in acquiring this iconic site," he said.
Situated next to the Leeds and Liverpool Canal, the mill was built in 1834 by Henry Tunstill and housed 87,000 spindles and 2,000 looms at its peak.