Plans to more than double the income from tourism at the old Royal Naval Dockyard are in the works.

But the West End Development Corporation's annual report warned that to maximise the area's potential outside development cash is needed -- as well as the ability to offer longer leases to attract big money investors.

The report said it was planned to increase visitor revenue at Dockyard by 125 percent during the next three years.

But it added: "Future development will be constrained by the inability to offer long-term leases to potential investors.

"This -- together with the fact that the Corporation is restricted from using vested property as collateral to secure external financing -- will hinder the growth potential of this development.

"Currently, operating cash flows are the only source of funding available to the Corporation and, unless additional sources of funding can be created, the viability of this development will be threatened.'' Goals listed in the report also included: Attracting an extra $50 million of investment capital by 2003; Expanding shopping at the Clock Tower Mall; Building new docks for yachts; Launching a house-building programme to help create a village community and; Increasing commercial development to attract the booming international business community to set up shop in the West End.

The report said, however: "The Royal Naval Dockyard is no longer the only large development area in Bermuda and must now compete for major investment dollars with companies such as the Bermuda Land Development Company.'' And it added: "Creating partnerships with outside developers is critical to the future of the Royal Naval Dockyard and to Bermuda itself.

"While the Corporation has the capacity to manage all projects, it does not have the necessary capital for the total re-birth of the West End and cannot generate sufficient capital through its own operators.

"There are many challenges to overcome as the Corporation moves forward and one of the most important is to ensure that the Royal Naval Dockyard has the infrastructure to support future developments.'' Other must-haves listed to ensure plain sailing for the old Royal Navy base in Bermuda were better public transport, including faster and more frequent ferries, buses and taxis, more year-round entertainment and village-style grocery and hardware shops to service the community.

Development and Opportunity Minister Terry Lister -- in overall charge of Dockyard development -- did not return calls from The Royal Gazette yesterday.

But Wedco chairman and Government MP Walter Lister said in his foreword to the report that the original Act setting up Wedco had been successful, although it was now due a revamp.

And he did not shut the door on the kind of changes Wedco chiefs wanted to see.

Mr. Lister added: "We think the time has come for the Act to be reviewed to see what amendments are required in order that the Corporation may continue to be a viable operation in the new Millennium.''