The project, which is being led by the Daedalus Development Company, will see nearly 350 homes of different sizes, 24,500 sq m of employment space, 48 retirement/care apartments, 5,200 sq m of commercial space, a hovercraft museum and public open spaces.

The historically significant waterfront naval base played a crucial role in the development of the modern Navy, and on D-Day in June 1944.

The landmark regeneration scheme has been put forward by a joint venture between Patron Capital, MurrayTwohig Developments, and Orwell Real Estate, who were selected by Homes England as development partners for the site last year.

Existing HMS Daedalus site

Central to the vision is the restoration of the historic buildings, including the World War One hangars that face the Solent. These will act as a gateway to the project, an upgraded home for The Hovercraft Museum and a new public space for local events and activations.

David Twohig co-founder of MurrayTwohig Development and CEO of Daedalus Development Company, said: “This approval marks a significant milestone for Daedalus Waterfront, one that will ensure the site’s future while bringing the energy and buzz back to Daedalus.”

Area of planned hovercraft museum