THE first stage of a multimillion-pound regeneration plan for a former military site has been unveiled, creating up to 1,000 new jobs.

Developer Wates Residential has lodged a planning application to kick-start a regeneration plan for Daedalus Waterfront.

Under the first stage plans, an investment of £25m will create 200 homes as well as public open space.

In a later phase two, a number of historic military buildings will be renovated for use as industrial units which would allow for a number of aviation, marine, innovation and technology industrial businesses to move into the site.

The proposed homes will be constructed under the direct commissioning initiative, which is designed to enable the Government to fast-track the building of homes on publicly owned land and diversify housing delivery.

Paul Nicholls, managing director of Wates Residential, said: “Our partnership with Homes England is an important step in unlocking the future prosperity of this historically important location.”

Stephen Kinsella, executive director of Land at Homes England, said it was “creating much-needed homes and generating employment local people”.

Councillor Mark Hook, leader of Gosport Borough Council said it is an exciting opportunity.

He added: “The waterfront presents an exciting opportunity for investment in new businesses, leisure and in new homes.”

Daedalus Waterfront was formerly part of the former HMS Daedalus airfield which was first established as a seaplane base in 1917, before becoming the main training establishment and administrative centre of the Fleet Air Arm.

The site fell into disrepair following its decommissioning in 1996 and was subsequently acquired by Homes England.

The majority of the site was then sold to Fareham Borough Council in 2015 who renamed it Solent Airport, however, the Waterfront part of the site was retained.

The project is scheduled to start on site in summer 2018 with completion expected in summer 2020.