The proponents of the scheme say they believe 2,000 jobs could be created, along with offices, workshops, retail outlets, restaurants and bars.

The application follows consultations with the local City Council, County Council, English heritage, and the SWRDA.

Speaking to Maritime Journal in early April, Project Manager Lindsey Ashworth explained that one of the main aims of the project was to encourage leisure craft back into the city. Ashworth said that although the quaywalls and related infrastructure were in fairly good condition, the area needed regenerating if boatowners were to be encouraged back to use the water.

Said Ashworth: 'We believe this is the scheme which will pioneer the urban renaissance of the western waterfront area within the City. Both Peel and British Waterways are major landowners of the site and have been for more than 20 years.

We know and understand the potential of this site very well.

The City Council earmarked it for regeneration more than 10 years ago but uncertainty regarding funding of the road infrastructure has proved an ongoing obstacle to development.'

British Waterways and Peel Developments say they are committed to supporting environmental projects and ensuring that development is are carried out in a manner sympathetic to the local environment, and say they believe that the regeneration of the Western waterfront area will improve the distinct local waterway character of the Gloucester and Sharpness canal.

'Many canals now support species and habitats that are rare elsewhere and they have become an important conservation resource. The proposed ease of access to the canals, whether by boat, foot or cycle will make the wildife easy to see', explained Ashworth. 'We hope that the scheme will encourage further investment in water-based and waterside activities. A waterside strategy has been developed which will emphasise the need to enhance the waterfront and improve accessibility to the public'.

In addition to their involvement in waterway environmental projects as owners of two canals in the North West of England, Peel Holdings has worked closely with the Forestry Commission and Environment Agency for a number of years. One of the more recent projects involved bringing Botany Bay Wood, owned by Peel Holdings under the management of the red rose forest initiative. A woodland timber scheme was launched and Botany Bay also now provides an excellent habitat for wildlife and has become an important area for a large colony of herons.