British Waterways has named a consortium of Canary Wharf Group and Ballymore Properties Limited as its preferred partner to regenerate Wood Wharf on the Isle of Dogs.

British Waterways, Canary Wharf and Ballymore will now enter into detailed contractual negotiations to establish a new joint venture company. Negotiations are expected to be completed by March 2005 and, subject to ministerial approval, the new partnership will set about transforming the eight-hectare docklands site with new homes, offices, shops, a hotel and a new canal and open space.

The Wood Wharf 8-hectare (20-acre) site is located in the north east corner of the Isle of Dogs in London Docklands. The site lies immediately adjacent to Canary Wharf which, after two decades of rapid growth, has become one of Europe's most vibrant financial and business district.

Historically, Wood Wharf was used for timber storage and ship repairs. Changes to the docks in the 1980s, however, meant that the site could no longer be used for shipping. Development since has taken place on an ad hoc basis and the site currently comprises a number of low-rise industrial, office and warehouse units.

British Waterways acquired the freehold of Wood Wharf in March 2001 and set about putting together a Masterplan for the first comprehensive regeneration of the whole site.

The Masterplan will create:

• 3.5m square feet of commercial floor space, including a new hotel
• 1,500 new homes, including an element of affordable housing
• A new canal bisecting the site between Blackwall Basin and South Dock - separating the commercial district to the west from the residential to the east
• A significant open public space in the form of a central garden running through the centre of the site
• New public access to the waterside and the creation of leisure activities around the waterfront
• Building heights will range from 35 storeys in the commercial sector to seven storeys for the residential buildings.