Up to £3 million will be invested in a derelict factory site which has been empty for eight years in a bid to bring back business.

The Lake and Elliot factory in Braintree closed in 1990 with the loss of 800 jobs.

Since then the main foundry building has been demolished and the site has been vacant.

Rosper Estates bought the seven-and-a-half acre site off Lakes Road in August and has submitted plans for the first phase of an ambitious redevelopment project to Braintree Council.

Existing buildings on the site will be converted into eight new business units at a cost of more than £600,000.

The East Braintree Partnership Board - made up of Braintree Council and business and community representatives - has agreed to contribute £100,000 from its Government-awarded Single Regeneration Budget.

At least 50 new jobs are expected to be created in the first phase, as well as many temporary refitting jobs during the refurbishment itself.

If planning permission is granted, work is expected to start on the first phase next month, with the units ready to receive new businesses from January or February.

Rosper Estates director Nick Percival said: "We've got big plans for this site.

"We're very pleased to have got the SRB funding, because it will be a big boost towards dealing with the dereliction on the site.

"We've already been talking to one party interested in taking on one of the units, although we'll do the marketing for them when we're a bit further forward.

"We hope to be offering units at rates which are attractive to businesses.

"The first phase of development is just a fraction of the site. The total cost of redeveloping is likely to be in the region of £2 million to £3 million, across the next two to three years."

Paul Munson, Braintree Council's head of forward planning, said: "It's excellent news - the partnership board was very keen to support this.

"The Lake and Elliot site is one of the key sites in east Braintree and we've been struggling for years to agree a suitable proposal which would bring jobs and business back to the area."

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