Bolton Council’s planning committee approved the proposals, after planning officers had recommended the scheme be rubber stamped prior to the meeting.
The plans for the scheme were lodged in January by Horwich Vision, a joint venture between Bluemantle and Emerson-owned Orbit Developments, in partnership with Bolton Council.
It is set to lead to the development of 1,700 residential properties and employment space which could create up to 1,450 jobs.
The scheme, which is to be known as Rivington Chase, is set to be developed in a number of phases.
Mark Caldwell of Horwich Vision said: “Horwich Vision is very pleased that this scheme, which it has worked very hard on for the last seven years, has been resolved to be approved by Bolton planning committee.
“As one of the largest regeneration schemes ever proposed in the North of England, Rivington Chase will bring significant new benefits to the residents of Horwich and the surrounding area. We will now work closely with key stakeholders over the next few months to take things to the next stage as soon as possible.”
Akhtar Zaman, Bolton Council’s cabinet member for development and Regeneration, said: “This is a major regeneration scheme which will mean substantial financial investment of £262m directly into Horwich and the local area.T he loco works site is a crucial part of the council’s economic strategy and vision, along with the town centre and the Logistics North.
“This development will generate more jobs for local people and also the building of 1,700 new homes which will help towards satisfying the housing need in the town and across the borough.”
How Planning lodged the application on behalf of Horwich Vision.