British Waterways has launched an international competition for a joint venture partner to develop Wood Wharf, one of the UK's most significant waterside development opportunities.

The eight-hectare (20-acre) site is immediately adjacent to Canary Wharf in London's Docklands.

The selected partner will work with British Waterways to transform its Masterplan for the site into one of the UK's most ambitious and exciting mixed-use developments. The Masterplan, which has recently been adopted by the local planning authority, sets out a framework for development of five million square feet, comprising:

• 3.5m sq ft commercial (including retail and restaurant)
• 1.3m sq ft residential (circa 1,500 units)
• 108,000 sq ft hotel / serviced apartments.

The Wood Wharf scheme has an estimated end value of around £2 billion and will form a major part of Europe's newest and most vibrant business and financial district.

British Waterways owns the freehold to Wood Wharf and expects to have an active and ongoing role in its development. It is likely to retain a substantial share of the ownership and control of the project, but the exact nature and structure of the partnership will be developed through the formal procurement process. The closing date for expressions of interest in the partnership is 15 March 2004.

Commenting on the search for a development partner, British Waterways' chief executive Robin Evans said:

"This is a unique opportunity to partner British Waterways in the development of one of the finest and largest waterside regeneration sites in the UK. Our vision is to create a world class development, which significantly contributes to London as a World City.”