London mayor Boris Johnson has announced that up to £60m has been secured towards the creation of a new 1km (0.6-mile) floating promenade along the north bank of the Thames.

International architecture practice Gensler have drawn up designs for the London River Park scheme, which is to be financed by Venus Group of Singapore. A Memorandum of Understanding has now been signed between Gensler and the mayor in a deal that will see the capital benefit from 30 per cent of the project's net revenues.

Subject to planning consent, the 12m (39.4ft)-wide pontoon is to run parallel to the existing pathways bordering the City of London between Blackfriars Bridge and Customs House. Eight themed pavilions will be situated along the route to showcase London and host events, with the promenade to be completed by next summer. Mace is also working on the plans.

Johnson said: "The sheer beauty and design brilliance of this structure will provide yet another amazing and unique attraction for the capital. "We will proceed sensitively working closely with our partners, particularly in the City, to ensure that one of the most famous and cherished waterfronts in the world is enhanced for the benefit of our great capital."

Venus Group head of property and construction John Naylor added: "This will be an exciting addition for the summer of 2012 and a new opportunity for Londoners to relax by the Thames in the heart of the City." Image: (c) Gensler/Greater London Authority