A run-down Bingley saw mill next to the Leeds Liverpool Canal is to be transformed into luxury flats.
Keighley-based owner Britannia Lift Company has applied for planning permission to turn Dowley Gap Mill on Dob Kiln Lane into apartments and build five new houses on the site.
The building dates back to the 19th century, but for the last 12 years has been used for storage and manufacture.
Shipley Area Planning Panel gave the go-ahead to the plans pending a full contamination report.
Councillors agreed the building should be developed into housing, despite being an allocated employment site.
Panel member Councillor Phil Thornton (Lab, Shipley East) said: "It's a tip so I think any improvement has got to be welcomed."
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