The regeneration of Greenwich Peninsula is being called 'the largest new residential and business district' in London and GBP5 billion (HK53.58 billion) has been earmarked to complete the development. Development began with the construction of the Millennium Dome - renamed The O2 - which was built for the new millennium. The O2 serves as a multiuse entertainment centre, with the basketball and gymnastics finals of the 2012 Olympic Games one of the venue's future bookings. Greenwich Peninsula sits across the River Thames from Canary Wharf, London's so-called newest business and banking district. Over the coming years, Canary Wharf is expected to more than double in size as new commercial schemes add an extra 6 million sqft of commercial space, creating a demand for housing in close proximity. A spokesman for property agency King Sturge said: 'The demand for easily accessible quality living space will continue and this may offer exceptional long-term stability and potential upward growth for Canary Wharf and neighbouring areas such as Greenwich Peninsula.' Developers predict the regeneration scheme will offer 'huge investment growth potential' in coming years. City Peninsula will be one of the first residential developments undertaken in the scheme. It sits a little more than 200 metres from the North Greenwich Underground station and one stop from Canary Wharf and four stops to The City. The Greenwich area was granted Unesco World Heritage Site status in 1997 and boasts architectural history, museums, parks, gourmet food and markets. Greenwich Peninsula is close to Woolwich and the Thames Gateway Regeneration, which is considered an important area economically because of its position between London and Europe. Woolwich has been earmarked as a potential location for a new London airport by the mayor of London, Boris Johnson. The North Greenwich underground station is 12 minutes from Stratford Station, the hub for the London Olympic Games and for the Eurostar. Transport for London will occupy commercial space in Greenwich Peninsula and plans to invest in public transport. Greenwich Peninsula is also home to a yacht club and the David Beckham Football Academy.