This week eagerly awaited ground investigation works started, an important first step, for the Crescent Hotel and Thermal Spa project.

And if everything goes to plan, the completed hotel could be open in time to strike gold in the tourism trade when the world focuses on the UK in 2012.

The investigations, to be carried out in phases, will include geotechnical and hydrological testing and determine if the proposed scheme can move on to the detailed design and construction stages of development. The investigation works are expected to take four months to complete.

High Peak Borough Council Strategic Director Dai Larner told a press conference on Tuesday: "The three phases will look at whether the project is feasible and whether design modifications need to be made. We won't know that until the new year."

All parties involved in the project when questioned stated that protocols were in place to deal with any problems that might be identified with developing the Grade I listed building and appropriate professional people would be available to find potential solutions and lead to a successful conclusion.

John Guyan, Project Manager of CP Holdings and the Trevor Osborne Group said: "We do expect to be open for the Olympics in 2012. It is a long way ahead but that's our plan. I see nor reason why, if properly marketed, we can't attract people to stay here then."

High Peak Borough Council, Derbyshire County Council and Nestlé, who bottle Buxton Mineral Water, have been working closely together with the developers The Trevor Osborne Property Group and CP Holdings Ltd to ensure that the works are completed over the coming months.

Trevor Osborne said: "With my partners CP Holdings and Danubius we have been working towards this day for 10 years. I pray that the investigation works will go to plan allowing us to realise our long-held dream and ambition to restore the Crescent and Spa - Buxton's very heart."

Derbyshire County Council's Cabinet Member for Regeneration, Councillor Geoff Carlile, who is also the chair of the Joint Crescent Committee, said: "This is an important step and I am delighted we have got to this stage in the project which will regenerate the town."

Tony Kemp, High Peak Borough Council's Executive Councillor for Regeneration, said: "This is a major achievement for the project and something that we are all incredibly excited about.

He added: "We hope that the test results will show that the redevelopment of this important and historic building can go ahead and be transformed into a high quality tourist attraction and accommodation for Buxton and the High Peak."

There will be minimal disruption to car parking during the investigation works and the Council will keep residents informed as the works proceed.