IT may not please the Jericho Wharf Trust, but we hope that the restoration of the Castle Mill boatyard to some form of use is not too far off.

Today we report how a deal is close for Strategic Iconic Assets Heritage Acquisition Fund to buy the boatyard in Oxford from the administrators overseeing the site.

Jericho Wharf Trust – a combination of several local groups including the local community association – had submitted its own bid to take on this sensitive site and develop it along the lines of what local people would want.

The trust taking over and developing the boatyard has an obvious local appeal, but surely the outcome everyone wants is for this corner on the canal to have life breathed back into it.

But crucially it must be a sensitive development. We must be realistic that any developer is purchasing that site for a commercial return.

To expect it not to would be woefully naive. But as Colin Cook, the local councillor, says, surely any company worth its salt embarking on a multi-million-pound scheme will have gauged the local mood and also the will of the council as the planning authority.

The trust is now hoping to meet the acquisition fund once the purchase is complete for discussions.

That will be a key moment in this saga, with hopefully both sides at least considerate of the other’s viewpoint and willing to work together to bring the boatyard back into city life as the vibrant and beautiful area it should be.