The acquisition paves the way for the redevelopment of the entire port area under the Waterfront Barrow-in-Furness project, managed by a strategic group comprising NWDA, English Partnerships, ABP, the two Councils, and West Lakes Renaissance. The £60m masterplan for the redevelopment of Barrow is expected to lever an additional £100m of private sector investment to the area.

In the long term, the project will create a major employment park focused on technology based business, a housing development comprising 450 new homes, and new hotels and restaurants.

Recreation facilities, including a marina, water sports complex and nature reserve also form part of the wider plans for the site.

David Humphrey, project manager at West Lakes Renaissance said, 'This development will breathe life into Barrow-in-Furness by regenerating the whole dock area and uniting it with the town centre.'

County councillor Tim Heslop added, 'The county council will now work with the partners to progress with the transformation of the site into a high quality waterfront development that we believe will make a significant contribution to the regeneration of the Barrow area.'

MJInformation No: 21802