Public consultation has begun on Ballymore Properties and partners €5.59 billion commercial property development in the London Docklands.

The 17.5 acre site in the north-eastern corner of the Isle of Dogs will be transformed into a brand new urban quarter; Wood Wharf with 1,400 homes and 4.8m sq ft of new retail and leisure facilities.

British Waterways has a 50 per cent stake in Wood Wharf, with the remainder divided equally between billionaire Irish developer Sean Mulryan's Ballymore Properties and Canary Wharf Group.

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Damian Wisniewski, chief operating officer of Wood Wharf Partnership, said: "Wood Wharf is a key strategic regeneration project for London, complementing both the Thames Gateway and the development of the Olympic zone and further enhancing Canary Wharf's reputation as one of the world's most vibrant business centres.

"The site has the potential to deliver thousands of new jobs, some of the best located and designed affordable housing in the country and a world-class waterfront."

Haggling is expected over the affordable housing element of the scheme before Ballymore and its partners submit planning permission next year. While the developers are committed to more than 25 per cent the Lord Mayor John Stuttard hopes 50 per cent of the houses will be affordable.

(GK/JM)