The marina complex would grow by 60 to 70% and more than £70m of luxury waterside homes and a five star hotel are also planned for the 36 acre site.

The shipyard was set up over 150 years ago and was bought by Philip and Son (now Dart Marina) at the end of the 19th Century. A major employer in the area for more than 100 years, 250 vessels were built there as part of the 1940s war effort.

The yard declined in the 1980s and finally closed eight years ago. The Noss-on-Dart Marina opened in 1963 and has 180 fully serviced berths, with 44 deep-water moorings. In 2005 the site came up for sale for the first time in 150 years with an asking price of £15m.

Speaking for the consortium that bought the site, Graham Drake said: ‘Our vision for Noss is of a highly sustainable and eco-friendly regeneration of this brownfield site, focused on creating real jobs for local people in marine related businesses.’

If our plans are realised, he added, there will be more people working on this site than when the Philip and Son boatyard was fully operational in the 1960s.

A major public consultation exercise will now take place and the consortium hopes to submit a planning application by the end of this year, start work on the site next year and complete the entire scheme by the end of 2012.