Standing nearly 140m high, the giant observation wheel – dubbed The Whey Aye in celebration of its location – will be 5m taller than the London Eye.

The Spillers Wharf development will take around two years to build

Hong Kong-based developer, The World Wheel Company, said the project will see up to £100m invested in the city.

Designed by architect Concept I, the wheel and associated buildings will be a destination food and drink experience for Newcastle called The Giant’s Quay.

Cllr Ged Bell, Newcastle City Council’s cabinet member for employment and investment, said: “The idea of one of the world’s biggest observational wheels operating here in Newcastle has captured a lot of people’s imaginations.

“The development has the potential to be a real game-changer, creating hundreds of jobs for local residents and attracting thousands of new visitors, which can only be good for shops, restaurants, cafes and local businesses.

The development will also include a 12m human-shaped steel statue, a food hall, and a virtual golf club.

“I am delighted that planning committee have approved these exciting plans. They have listened to all of today’s speakers, and I look forward to seeing this derelict site coming back to life over the coming months.”