DEVELOPER Priority Sites is set to inject £8 million into schemes at Osprey Quay on Portland.

The firm was announced as the commercial developer for parts of the South West of England Regional Development Agency scheme.

Priority Sites will invest £8 million over the next three years in developing 65,000 square feet of office space and industrial units.

More than 250 jobs are expected to be created.

Priority Sites area development manager Miles Carden said: "We are delighted that Priority Sites has been chosen as the preferred developer by SWRDA.

"This is a fantastic chance to be involved with a regeneration project that will deliver world-class facilities complementing the plans for the sailing centre and marina and unlocking the area's business potential.

"This site offers a golden opportunity to leave a real legacy for Portland that will last well beyond the Olympics in 2012."

Priority Sites will provide the commercial element of the masterplan for the development that also includes the Olympic Sailing Centre, a £20 million marina and a vibrant waterfront featuring retail, leisure and residential space.

The commercial units will be at the northern end of the development off Mulberry Avenue, next to the island's helicopter landing site.

Priority Sites is a joint venture company owned by the Royal Bank of Scotland and English Partnerships.

It has promised to deliver the commercial units to the highest industry standards in terms of sustainability as it seeks to meet SWRDA's commitment to make all its investments net zero-carbon by 2013.

Priority Sites is aiming to submit a full planning application by the end of the year for a mixture of offices, industrial units and hybrid' units.

They will feature industrial or assembly space on the ground floor with office space above.

The first phase of construction is expected to begin in spring next year, with the second phase starting in 2010 for completion in autumn 2011.

SWRDA area director Tony Bray said: "We are confident that by selecting Priory Sites as the preferred developer for this mixed-use employment scheme it further demonstrates our support in transforming this area.

"We are fully committed to leading Dorset towards the development of a low-carbon economy and supporting sustainable construction in the region and Priory Sites is an excellent example of a forward thinking company in this regard.

"SWRDA has invested millions in Osprey Quay and we want the whole region to benefit in the greatest possible way."