The Cuerden Strategic Site scheme will provide around 200,000 sq m of floor space, including a new IKEA store, as well as five further large format retail units and new employment space.
In addition, new cycle/footways will be developed as well as new homes, a small foodstore, a hotel, car showrooms, family pub and restaurants.
The application for the site was made by Lancashire County Council and Maple Grove Developments, part of the Eric Wright Group, in association with Brookhouse Group.
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More than 4,000 jobs will be created at the site once completed, including thousands of jobs during the construction phase.
Jeremy Hartley from Eric Wright Group said: "The planning decision taken by members to approve the plans for the Cuerden Strategic Site is excellent news for the economy of central Lancashire. It will now allow the commencement of the significant infrastructure required to unlock the site which in turn will lead to the creation of thousands of new jobs for local communities.
"There has been a lot of interest in the scheme from potential future occupiers and we will now work hard to take the project forward."
Richard Rands IKEA UK and Ireland Property Manager said: "We are delighted that the planning application for the Cuerden Strategic Development has been approved. We are really excited to bring our home furnishing offer to Preston and Lancashire along with the new jobs that the proposed IKEA store will create. We look forward to continuing to work with the Lancashire County Council."
(LM/MH)
