Plans to turn derelict land in east Belfast into a multi-million euro business park are to be unveiled today.

The four-acre site on the Ormeau Embankment will be transformed at a cost of £18 million (€24m) into high grade office space for 650 workers and create more than 250 construction jobs.

Ravenhill Reach Business Park will total 80,000sq ft, comprise 39 business units. The developers say it will create 'positive environmental landscape enhancements' for the area.

A planning application was lodged in January and the developers hope to begin the first phase of the development in early 2009.

One of Northern Ireland's leading construction companies, Graham, is behind the project after being appointed by the Department of Social Development to develop the site following an open competition run by the department's Belfast Regeneration Scheme.

Social Development Minister Margaret Ritchie said the business park would bring both physical and economic regeneration to the area and bring a large derelict site back into useful use.

A key aspect of the scheme will be the involvement of the local community who intend to start up their own company to manage the landscaping, security and maintenance around the site once the project is complete.