Priority Sites has been appointed preferred developer of 65,000 sq ft of commercial space at Osprey Quay, Dorset.

The regeneration developer was appointed by the South West Regional Development Agency to develop office and industrial space at the site in Dorset, which will also be home to the Olympic Sailing Centre for the 2012 Olympic Games.

Priority Sites, a joint venture company owned by the Royal Bank of Scotland and English Partnerships, will invest around £8m over the next three years in the development.

Osprey Quay, which will provide a total 535,000 sq ft of space including shops, restaurants and a hotel, has been granted outline planning consent.

Priority Sites said it hoped to submit planning towards the end of this year with construction starting in spring 2009 and completion in autumn 2011.