WORK is under way on one of the biggest waterside regeneration schemes of its type in the south.

The area having new life breathed into it is a familiar sight to tens of thousands of passengers using ferries from Southampton.

Demolition work has just begun at the former GKN North Works site at East Cowes on the Isle of Wight, near the Red Funnel ferry terminal.

Approximately half of the existing buildings on the 20-acre site are being removed under a contract signed with Erith Contractors by regional development agency SEEDA.

Redundant buildings being removed are situated to the east of Maresfield Road and Castle Street.

The famous landmark Union flag on the front of the former hangar belonging to engineering giant GKN will remain.

The buildings to the west, renamed Cowes Waterfront - Venture Quays, are being retained on an interim basis and leased to tenants such as Vestas UK and sailing legend Ellen MacArthur's Offshore Challenges Sailing Team.

More than 100 people are employed at the site, and more than 50 jobs are being created this year. A further 50 are in the pipeline.

The next phase of the project will be to host a further public consultation with the local community, businesses and stakeholders early next year, with a more detailed discussion of the preferred option and master plan.

The multi-million-pound regeneration project is spearheaded by SEEDA and national regeneration agency English Partnerships, working together with the Isle of Wight Economic Partnership and the Isle of Wight Council.