Plans to transform the area around Millbay Docks have been given a boost.

The land round the dock area in Plymouth has been sold for �9,000,000 to make way for a waterside development.

The new owners want to transform the area, which has been derelict for years creating apartments, offices and cafes.

A spokesman for the new owners said they wanted to create "a vibrant waterfront area".

Key to future

The land was previously owned by Associated British Ports (ABP).

Under the terms of the new deal, the South West Regional Development Agency (RDA) and English Partnerships, the national regeneration agency will take over running the site.

Carl Budden, from the RDA, said: "I am delighted that we have been able to purchase this site.

"It is a key part of our regeneration plans for Millbay and Stonehouse.

"Along with Plymouth City Council we have developed a draft regeneration plan to transform Millbay into a vibrant waterfront area which will be attractive to businesses and locals alike."

The sale includes East Quay, Clyde Quay and the undeveloped Inner Basin, but ABP's main customer, Brittany Ferries, will not be affected.