The complex, on the north bank of the River Clyde, is a joint venture between Clydeport Properties and the Bank of Scotland and has been hailed as one of the most significant property developments in Glasgow for over a century.

Clydeport Properties, a subsidiary of Clydeport plc, said each group will meet 50% of investment in the redevelopment of the 80-acre site - currently a run-down industrial and former dock area.

Clydeport: "Significant development"

The venture, named Glasgow Harbour, will create a mix of leisure, retail, office and residential properties on an area stretching from the Clyde Auditorium to the Clyde Tunnel.

It is hoped 2,000 jobs will be created during construction of the project and 3,000 when it is completed.

Main features will include a multi-screen cinema, riverfront hotel, 400,000 sq ft of office space and a vehicle retail park.

Clydeport Properties said a further announcement will be made when planning permission is obtained from Glasgow City Council.

Welcoming the development, council leader Charles Gordon said: "I have made it clear many times that the regeneration of the River Clyde is a top priority for the city council."

Chelsea Harbour

Mr Gordon said the city could benefit from a scheme similar to London's Chelsea Harbour development.

Clydeport Chief Executive Tom Allison said: "This project offers tremendous opportunities for Glasgow.

"The West End of the city is sorely lacking in land for additional amenities and Glasgow Harbour will significantly ease the pressures caused by the lack of development land.