Miriam Cates, MP for Penistone and Stocksbridge, said she was pleased that the work will enhance the area.
She said: “The Grade II coal drops have long fallen into disrepair, so Fairbank Investments, a Barnsley-based family business, will be working to protect and develop this historic local site.
“They are hoping to see the coal drops site, Old Signal House, and former railway siding being restored and given a new lease of life.
“The team told me about their ambitions for the site, developing new business opportunities, creating local jobs, and new community spaces that will enhance Penistone to the benefit of local people.
“It is reassuring to see the old arches emerge as work on clearing the site has already begun.
“It’s a pleasure visiting our local heritage sites, and it’s reassuring that our government, public and private sectors and local communities are so committed to keeping our local heritage alive.
“I’m interested in learning more about the proposals for the site and am encouraged to learn that Fairbank Investments plan to consult with local community groups and local authorities to ensure local needs are prioritised.”