'It’s been a lengthy wait but we are satisfied this will bring a great many benefits to the Bo'ness area,’ said councillor John Constable. ‘It will allow the area to develop into an economic attraction for investment.’

The hotel, yacht club, restaurants, bars and shops form one part of the proposal, which also calls for building 123 flats and 75 townhouses.

The development, which has yet to be approved by the Scottish Executive, is a cornerstone of the My Future's in Falkirk partnership initiative by Falkirk Council, Scottish Enterprise Forth Valley and British Petroleum (BP) to transform the local economy.

Work on the project, which could create up to 100 permanent jobs, is expected to start in July 2007 and last up to eight years.