The transformation of Osprey Quay on Portland has taken another step forward with planning approval for a £5 million project to redevelop the former oil tank farm into employment space.

The 10-acre Mere Tank Farm site occupies a prominent position at the entrance to Portland and was cleared last year having been bought by Weymouth and Portland Borough Council from Portland Port using funding from the South West RDA.

The council this week gave planning approval for the range of improvements on the site that will pave the way for future employment space after the 2012 Olympic and Paralympic Games.

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The South West RDA is investing £5 million in the project, which will be managed by the council.

Alison Hatcher, Head of Regeneration at the South West RDA, said: "We're investing £38 million in Osprey Quay to transform it into a hub of marine business and leisure activity and we're delighted that the tank farm proposals can go ahead.

"This is an important site for the 2012 Games and longer term will be home to hundreds of jobs, so our investment is unlocking its business potential."

Work will include major earthworks to fill and level the site, drainage and other services to allow for future employment development. There will be a new link road and cycleway between the Weymouth and Portland National Sailing Academy and the central roundabout on Portland Beach, car/boat parking and boat maintenance area for the sailing academy, and a temporary overflow car park.

The site has been earmarked to support the staging of the sailing events for the 2012 Games the council and the RDA will submit a planning application to create a range of new workspace potentially supporting hundreds of jobs.

Work on site is due to begin in March.

(JM)(BMcC)