London Mayor Boris Johnson has announced that up to £60 million funding had been pledged to build a spectacular kilometre long floating river walk along the north bank of the River Thames in time for summer 2012.

The 'London River Park' design, by global architects and planners Gensler, won the Mayor's Award for 'Planning Excellence' at the 2010 London Planning Awards arousing much interest amongst potential backers. Now asset managers Venus Group of Singapore has agreed to finance the project and detailed plans will now be submitted to the City of London Corporation and other relevant authorities for consideration.

A Memorandum of Agreement has been signed between the company and the London Mayor in a deal that will see 30 per cent of net revenues raised through the commercial operation of the River Park shared with the Mayor for the public benefit.

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Subject to planning and other necessary approvals the 'London River Park' will provide a continuous twelve metre wide floating pontoon to run parallel to the existing disjointed pathways and streets that currently connect this important stretch of river frontage bordering the City of London between Blackfriars Bridge and just beyond The Customs House.

Along its route it is intended that eight themed pavilions will be constructed to showcase London and for hosting events beside the Thames. The developer is currently working with Gensler, major construction and consultancy firm Mace, and its other project partners on finalising the concept design to ensure that this unique tourist attraction will deliver a lasting legacy for London after the 2012 Games.

Mr Johnson, said: "The sheer beauty and design brilliance of this structure will provide yet another amazing and unique attraction for the capital.

"We will proceed sensitively working closely with our partners, particularly in the City, to ensure that one of the most famous and cherished waterfronts in the world is enhanced for the benefit of our great capital."

John Naylor, Head of Property and Construction, Venus Group Singapore, said: "This will be an exciting addition for the summer of 2012 and a new opportunity for Londoners to relax by the Thames in the heart of the City."

(CD)