A £60m aquarium is planned for a site next to the river Thames in London as part of the capital's largest regeneration scheme.

The new attraction, to be designed by Sir Terry Farrell, is expected to be among the world's top five, attracting one million visitors a year. Expected to open in 2006, the project will be part of the 168-acre Silvertown Quays development that includes 3,000 homes, hotels and offices.

Hosting a launch event, London's mayor, Ken Livingstone said: 'The idea of having one of the greatest aquariums in the world here in London is something I have long supported and really want to see happen.'

The aquarium will be operated by London Zoo and will house tanks with transparent plastic walls so that visitors can walk 'through' fish life both above and below the water's surface.

Unlike many similar attractions, the aquarium is to have fish from warmer climes living near the roof and deep sea varieties in more murky conditions at the bottom. It is likely to contain around 12,000 fish from 550 species in zones modelled on different habitats. Visitors will be able to watch scientists carrying out work such as helping rare fish to reproduce.

Dr Michael Dixon, director general of the Zoological Society London echoed the mayor's support: 'We will be closely involved in the project which will not only become a major tourist attraction, but will also have a vital role in increasing understanding and interest in the underwater world.'

KUD International, which has built aquariums in California and Florida, is leading the development project for the Silvertown Quays consortium. However, before the project can get underway it must raise at least £60m. So far, around half the money has been sourced. A fundraising campaign chaired by Livingstone has been launched to attract corporate and private donors. Details: www.zsl.org